Based on the following table which indicates expenditure of the household on a commodity, answer the questions that follow ( The price of the good is Br.10 ) Income ( Br. / month) Quantity Demanded ( units / month ) 10,000 20,000 50 60 30,000 70 40,000 80 50,000 90 A) Calculate income elasticity of demand, if income increases from Br.10, 000 to Br. 20,000 and if income increases from Br.40, 000 to Br. 50,000. B) Is this a normal or an inferior or a luxury good? Justify. C) Does the proportion of household income spent on this good increase or decrease as income increases? .Why?

typically a loft will include modern kitchen and bathrooms, this increases the price tag. lofts also have a good amount of open space, this requires more heating and electricity. lofts are also in older buildings, this means that maintaining the location increases the bill. keep in mind this is without talking about the high state and property taxes.

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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answer utilities; more money you have to pay out ; )

answer/// there is an inverse relationship between price and quantity demanded;