Given the Following Income Elasticities of Demand, Would You Classify $= 0.2$

question 91

Essay

Given the following income elasticities of demand, would you classify the good as a luxury, necessity, or inferior good?
(A) Salt: elastacity $= 0.2$ .
(B) Putatues: elasticity $= - 0.1$ .
(C) Frazen dinners: elasticity $= 0.9$ .
(D) Restaurant meals: elasticity $= 1.5$

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