Given the Following Income Elasticities of Demand,would You Classify the Good

question 79

Essay

Given the following income elasticities of demand,would you classify the good as a luxury,necessity,or inferior good?
(A)Salt: elasticity = .3.
(B)Potatoes: elasticity = -.1.
(C)Frozen dinners: elasticity = .9.
(D)Restaurant meals: elasticity = 1.4

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Definitions:

Cross-Cultural Service

Cross-cultural service involves providing support, resources, or interventions in a manner that is sensitive to and respectful of different cultural backgrounds and practices.

Demographic

Statistical data relating to the population and particular groups within it, often used for research, policy-making, and marketing.

Culturally Diverse

Representing a variety of cultural backgrounds, beliefs, practices, and values, promoting inclusive and comprehensive understanding.

Cultural Competence

The ability to effectively provide services cross-culturally.