Goods of negative income elasticity of market demand

When the income elasticity of market demand is negative, in that case most consumers view the good as: (w) a luxury good. (x) having several imperfect substitutes. (y) an inferior good. (z) a normal good.

Hey friends please give your opinion for the problem of Economics that is given above.

View Complete Question

Related Questions in Microeconomics

Q : Operations of constant cost industries

Purely competitive industries operating under circumstances of constant cost have long-run supply curves which are: (w) horizontal. (x) upward sloping. (y) downward sloping. (z) equal to LRATC for every firm. Can a

Q : Problem on Categories of Goods I have a

I have a problem in economics on Problem on Categories of Goods. Please help me in the following question. The produced tangible good is termed as a: (i) Consumable. (ii) Service. (iii) Commodity. (iv) Utility. Sel

Q : Determine price elasticity of demand An

An approximate estimate of the price elasticity of demand is best computed by the absolute value of the formula: (1) change in P / change within Q. (2) % change in Q / % change in P. (3) % change in Q / % change in income. (4) % chang

Q : Completely elastic price of demand On

On such demand curve, the demand for DVD games is completely elastic at a price of: (w) $50. (x) $25. (y) $20. (z) None of the above.

Q : Minimize losses at wholesale price in

The wholesale price per bushel of peaches below that it purely competitive peach orchard would minimize losses via shutting down its operations is: (1) $4.00 per bushel of peaches. (2) $7.67 per bushel of peaches. (3) $8.00 per bushel

Q : Labor Unions and Antitrust The legality

The legality of trade unions as the labor monopolies and illegality of the monopolies in product markets is most rationally described by the: (i) Trade union’s interest in the social welfare and firm’s interest only in gains. (ii) Number of people who adva

Q : Normal market supply curves I have a

I have a problem in economics on Normal market supply curves. Please help me in the following question. The actuality that normal market supply curves slope upward is most obviously due to: (i) The lower costs incurred as production rises. (ii) Overti

Q : Legal constraints in Labor Markets The

The employer can legally pursue a policy of: (i) Wage discrimination which is based on the race or gender. (ii) Closed shop agreements with the unions. (iii) Firing the workers who join union. (iv) Wage discrimination mainly based on the employee’s seniority. (v

Q : Determine demand when equilibrium

Car prices and sales such that the costs per mile of auto passenger travel, and whole passenger miles driven have all rose from the 1940 year, demonstrating that: (w) auto travel is an inferior good. (x) the demand for auto travel is positively sloped. (y) the law of

Q : Problem on average retail price and the

Table indicate the average retail price of milk and the Consumer Price Index in the year 1980 -1998. 1010_Average</span></p>
</div>

</li>

</td>
</tr>
</table>

</ul>

</div>
</div>
<div class=

Discover Q & A

Leading Solution Library

Avail More Than 1442210 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1942902
Asked

3,689

Active Tutors

1442210

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment