Economists Estimated That the Price Elasticity of Beer Is -0

question 40

Multiple Choice

Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is 0.09.This means that

• A)an increase in the price of beer will increase the quantity demanded of beer and beer is a normal good.
• B)an increase in the price of beer will lead to an increase in revenue for beer sellers and beer is a normal good.
• C)a decrease in the price of beer will lead to an increase in revenue for beer sellers and beer is an inferior good.
• D)an increase in the price of beer will lead to a decrease in the quantity demanded of beer and beer is a luxury.

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