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Answer to Question #221356 in Economics for Bea
Question #221356
The income elasticity of demand for luxury goods is greater than one. This means that the
- A. percentage change in price is greater than the percentage change quantity demanded.
- B. percentage change in quantity demanded is greater than the percentage change in income.
- C. percentage change in quantity demanded is smaller than the percentage change in income.
- D. percentage change in quantity demanded is equal to the percentage change in income.
Expert's answer
The income elasticity of demand for luxury goods is greater than one. This means that the percentage change in quantity demanded is greater than the percentage change in income.
So, the correct answer is B.
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