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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