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 : Higher labor force participation rate

Poverty stricken families are seldom described by: (w) a female headed household. (x) higher labor force participation rates. (y) more frequent illnesses. (z) higher birth rates and more children. Hey friends pleas

Q : Greatest total revenue at price In the

In the demonstrated figure, total revenue is greatest for cheesy fried grits of Pixie at a price of as: (w) P1. (x) P2. (y) P3. (z) P4.

Q : Who made decisions Economists suppose

Economists suppose that nearly all decisions are made by: (i) At the margin. (ii) On the average. (iii) Based on totals. (iv) All of the above. Please someone suggest me the right answer.

Q : Determine elasticity of demand for

Moving beside the demand curve by Q=0, P4 to Q4, P=0, then elasticity of demand for Pixie’s cheesy fried grits as: (w) doesn't change. (x) falls, then rises. (y) rises, then falls. (z) falls.

Q : Probability of Law of Diminishing

Can someone help me in finding out the right answer from the given options. Karina gets 27 utils from her first ice-cream cone in an hour, and 23 extra utils from the second that hour. Determine the number of utils is she likely to obtain from the third cone? (i) 15 u

Q : Elasticity and profit maximization An

An imperfectly competitive firm can maximize profit within the long run only at prices and also outputs where demand elasticity is: (w) greater than or equal to 1. (x) less than 1. (y) less than 0. (z) between 0 and 1.

Q : Other determinants that producers want

In addition to price, what are the other determinants that producers want to sell?

Q : Competitive Markets-Unions of labor Can

Can someone please help me in finding out the accurate answer from the following question? The purely competitive labor markets are not characterized through: (w) Most of the individual buyers and sellers of the labor services. (x) Wages equivalent to the marginal res

Q : Negative-positive coefficient in

When you compute cross-elasticity of demand, what are you trying to find out? What do a negative coefficient and a positive coefficient imply?

Q : Burden of tax decrement The burden of

The burden of an excise (i.e., per unit) tax would reduce solely upon consumers of the taxed good within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D.

Discover Q & A

Leading Solution Library

Avail More Than 1455200 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1923917
Asked

3,689

Active Tutors

1455200

Questions
Answered

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

Submit Assignment