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Refer to the Accompanying Graph

question 91

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Refer to the accompanying graph.
Refer to the accompanying graph.     a.Calculate the income elasticity of demand for televisions at a price of $550. b.Are televisions a luxury good,necessity good,or inferior good? Explain. c.Name a good for which consumption would likely fall when there is an increase in income from $20,000 to $30,000.Explain your reasoning.
a.Calculate the income elasticity of demand for televisions at a price of $550.
b.Are televisions a luxury good,necessity good,or inferior good? Explain.
c.Name a good for which consumption would likely fall when there is an increase in income from $20,000 to $30,000.Explain your reasoning.


Definitions:

Belongingness

The human emotional need to be an accepted member of a group, whether it is family, friends, co-workers, or a larger entity.

Physiological Needs

These are basic physical requirements for human survival, such as food, water, and shelter, as ranked at the bottom of Maslow's hierarchy of needs.

Self-Actualization

A psychological state or process of realizing and fulfilling one's talents, capacities, and potentialities.

Lowest Level

The minimum or most basic tier in a hierarchy or scale.

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