Last Year,Jim Bought 8 Tickets to Sporting Events When His

question 62

Multiple Choice

Last year,Jim bought 8 tickets to sporting events when his income was $30,000.This year,his income is $33,000,and he purchased 10 tickets to sporting events.Holding other factors constant and using the midpoint method,it follows that Jim's income elasticity of demand is about

• A)0.43,and Jim regards tickets to sporting events as inferior goods.
• B)0.43,and Jim regards tickets to sporting events as normal goods.
• C)2.33,and Jim regards tickets to sporting events as inferior goods.
• D)2.33,and Jim regards tickets to sporting events as normal goods.

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Definitions:

National Environmental Policies

Regulations and initiatives established by a government to protect and improve the environment within its jurisdiction.

Carbon Emissions

The release of carbon dioxide and other carbon compounds into the atmosphere, contributing to climate change.

Optimal Level

The most efficient, effective, or desirable point or state for achieving a specific goal or outcome.

Costs of Pollution

The economic, health, and environmental damages caused by the emission of pollutants.