Ask Question
BusinessBusiness
4 April, 19:58

Assume that as your income increases, your consumption of burgers decreases. We can assume that your income elasticity of demand for burgers is what? a. Between 0 and 1b. Greater than 1c. Equal to 1d. Negative

+5
Answers (1)
  1. 4 April, 22:38
    0
    Answer: Option (d) is correct.

    Explanation:

    Here, Income elasticity of demand for burger is negative because burger is considered as inferior good for this person. There is a inverse relationship between the income of an individual and demand for a inferior good which means that as the income of a consumer increases, as a result demand for inferior good decreases whereas demand for normal good increases with increased income level. Income elasticity of demand for normal good is positive.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Assume that as your income increases, your consumption of burgers decreases. We can assume that your income elasticity of demand for ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
shows Cost of Sales of $74,000, Administrative Expenses of $20,000, Rental Expenses of $12,000, Interest Revenue of $33,000, Interest Expense of $15,000, and Net Income after Taxes of $60,000.
Answers (1)
What is credited with gains in industrial productivity, increased standards of living, and affordable products?
Answers (1)
Soda bubbles corporation makes and sells soft drinks. talia buys and drinks a soda beverage, which proves defective and injures her. one justification for holding soda strictly liable for the harm caused to talia by its defective product is that a.
Answers (1)
Evergreen Corporation distributes land with a fair market value of $200,000 to its sole shareholder. Evergreen's tax basis in the land is $50,000.
Answers (1)
Metlock, Inc. had net sales in 2020 of $1,430,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $239,200 debit, and Allowance for Doubtful Accounts $3,780 credit.
Answers (1)
New Questions in Business
Madison's gross tax liability is $9,000. Madison had $3,000 of tax credits available and she had $8,000 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return? $0 taxes due and $0 tax refund.
Answers (1)
In perfect competition A. the market demand curve and the individual's demand curve are identical. B. the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic. C.
Answers (1)
With regard to how people use time and their expectations of how it should be managed, members of which type of culture value efficiency production and fast results?
Answers (1)
How would u approach a fellow co-worker consistently does not perform hand-hygiene when it is indicated or appropriate.
Answers (1)
Which of the following statements is FALSE? A. The effective annual rate indicates the amount of interest that will be earned at the end of the year. B. The annual percentage rate indicates the amount of simple interest earned in one year. C.
Answers (1)
Home » Business » Assume that as your income increases, your consumption of burgers decreases. We can assume that your income elasticity of demand for burgers is what? a. Between 0 and 1b. Greater than 1c. Equal to 1d. Negative
Sign Up Forgot Password?