Income Elasticity of Demand for Good a Is -0

question 174

Multiple Choice

Income elasticity of demand for good A is -0.22. Good A is income __________ and is a(n) __________ good.

• A)unit elastic; normal
• B)elastic; inferior
• C)inelastic; normal
• D)elastic; normal
• E)inelastic; inferior

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values, indicating how spread out the data points are from the mean.

Set of Data

A collection of numbers or values that are usually related and can be analyzed statistically.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.

Set of Data

A set of data refers to a collection of data points or values gathered from observations, experiments, or surveys, used for analysis.