Last Year, Joan Bought 50 Pounds of Hamburger When Her

question 114

Multiple Choice

Last year, Joan bought 50 pounds of hamburger when her household income was $40,000.This year, her household income was only $30,000 and Joan bought 60 pounds of hamburger.Holding everything else constant, Joan's income elasticity of demand for hamburger is

• A)positive, so Joan considers hamburger to be an inferior good.
• B)negative, so Joan considers hamburger to be an inferior good.
• C)positive, so Joan considers hamburger to be a normal good and a necessity.
• D)negative, so Joan considers hamburger to be a normal good.

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A legal entity formed by a group of individuals to engage in and operate a business commercial or industrial enterprise.

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Fundamental entitlements and freedoms that individuals are guaranteed by law or society, such as freedom of speech and right to privacy.

Unethical

Actions or decisions that go against moral principles and standards, often resulting in harm or disadvantage to others.

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