If Your Income Was to Rise from $20,000 to $30,000

question 29

Multiple Choice

If your income was to rise from $20,000 to $30,000 and the quantity of inter-city bus trips you take per year decreases from 10 to 8. Then, for you,

• A) inter-city bus trips are a normal good.
• B) the income elasticity of demand for inter-city bus trips is -0.56.
• C) the income elasticity of demand for inter-city bus trips is -1.8.
• D) Both answers A and B are correct.
• E) Both answers A and C are correct.

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Definitions:

Regio-

A term used to describe the region or position of a molecule where a chemical reaction takes place.

Stereochemical Detail

Pertains to the 3D arrangement of atoms within a molecule and how it influences the behavior and reactivity of the molecule.

Organic Product(s)

Chemical compounds composed mainly of carbon and hydrogen, which are the synthesized or natural result(s) of organic reactions.

Regio-

A prefix indicating the region or position in a molecule where a chemical reaction occurs, often used in chemistry to describe regioselectivity.