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Answer to Question #221579 in Microeconomics for Tumi

Question #221579
  • Which of the following statements is correct? 
  • A.The income elasticity of demand for shelter is high.
  •  B. The income elasticity of demand for luxuries is high.
  •  C. The income elasticity of demand for clothing is high.
  •  D. The income elasticity of demand for food is high.
1
Expert's answer
2021-07-30T10:19:02-0400

The correct statement is

D. The income elasticity of demand for food is high



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