Table 5-3
​
​ -Refer to Table 5-3

question 140

Multiple Choice

Table 5-3
​
​
$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Income } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { Quantity of Good X } \\\text { Purchased }\end{array} & \begin{array} { c } \text { Quantity of Good Y } \\\text { Purchased }\end{array} \\\hline 30,000 & 2 & 20 \\\hline 40,000 & 6 & 10 \\\hline\end{array}$$
-Refer to Table 5-3. Using the midpoint method, the income elasticity of demand for good Y is

• A)2.33, and good Y is a normal good.
• B)−2.33, and good Y is an inferior good.
• C)−0.43, and good Y is a normal good.
• D)−0.43, and good Y is an inferior good.

---

Definitions:

Intra-entity Gross Profit

The profit recognized on transactions conducted within the same entity, which may need to be eliminated in consolidated reporting.

Intra-entity Gross Profit

The profit recognized from transactions within the same company, affecting consolidated financial statements.

Eliminate Unrecognized

The process of removing gains, losses, or other items that have not been realized or acknowledged formally from the financial statements.

Intra-entity Gross Profit

The profit recorded from transactions that occur within the same entity, often eliminated in consolidation.