Given the Following Income Elasticities of Demand,would You Classify the Good

question 79

Essay

Given the following income elasticities of demand,would you classify the good as a luxury,necessity,or inferior good?
(A)Salt: elasticity = .3.
(B)Potatoes: elasticity = -.1.
(C)Frozen dinners: elasticity = .9.
(D)Restaurant meals: elasticity = 1.4

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Definitions:

Nucleic Acid Probe

A nucleic acid probe is a segment of DNA or RNA labeled with a radioactive or fluorescent marker used to detect the presence of complementary sequences in DNA or RNA samples by hybridization.

Western Blot

A technique in which proteins, previously separated by gel electrophoresis, are transferred to paper. A specific labeled antibody is generally used to mark the location of a particular protein. Compare with Southern blot and Northern blot.

Bt Crops

Genetically modified crops that express toxins from the bacterium Bacillus thuringiensis, which are lethal to certain insect pests.

Pesticide-Resistant

Refers to organisms that have developed the ability to survive exposure to pesticides that would normally be lethal.