Answer to Question #220811 in Economics for Mkhululi

Question

The income elasticity of the demand for shoes is 0,6. Shoes are

A. an inferior and necessary good.
B. a normal and luxury good.
C. a normal and necessary good.
D. a normal but inferior good.
The income elasticity of demand for a good measures the responsiveness of __________ to a change in ___________.
A. quantity demanded; income
B. quantity demanded; price of a related good
C. demand; price of a good
D. quantity demanded; price of a good

Answer 1

C. a normal and necessary good.

A. quantity demanded; income