Ask Question
BusinessBusiness
5 October, 17:17

If the percentage change in quantity demanded of a good is less than the percentage change in buyer's income, then the good is said to be:

+3
Answers (1)
  1. 5 October, 19:30
    0
    Answer: Income Inelastic.

    Explanation:

    Income elasticity of demand refers to the responsiveness of demand when there is a certain change in consumer's income.

    Income inelastic refers to the situation in which demand is less responsive to the change in consumer's income. Suppose that income decreases by 10%, then as a result demand decreases by 5%. Here, demand does not fall significantly with a fall in income.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If the percentage change in quantity demanded of a good is less than the percentage change in buyer's income, then the good is said to be: ...” 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
Which tasks are common to all Energy pathways?
Answers (1)
A contract for compensation for a full or partial loss or damage caused by an uncontrollable event is called
Answers (1)
Two Methods A Kubota tractor acquired on January 8 at a cost of $270,000 has an estimated useful life of ten years. Assuming that it will have no residual value. a.
Answers (1)
Benton Engineering Services Company incurred the following during 2016 Direct labor $94,000 Overhead 126,000 Selling expenses 112,000 Administrative expenses 102,000 Calculate prime cost and conversion cost for Benton Engineering Services Company
Answers (1)
According to Heckscher-Ohlin (H-O) model, a country will export those goods: Group of answer choices That are intensive in its relatively abundant factors for which the world price is below the domestic price.
Answers (1)
New Questions in Business
You are managing a project and need to cut the cost of the project. You decide to transfer workers to another job to cut the project's costs. Costs associated with transferring the workers are an example of project indirect costs. O True O False
Answers (1)
K Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 17,000 $ 12,000 Finished goods $ 46,000 $ 50,000 Additional information: Direct materials $ 57,000 Direct labor cost $ 87,000 Manufacturing
Answers (1)
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. (Leave no cells blank - be sure to enter "0" wherever required.) A $25,000 cash gift from her parents.
Answers (1)
Analysis of daily output of a factory during a 8-hour shift shows that the hourly number of units y produced after t hours of production is
Answers (1)
In each of the following situations, state whether the bonds will sell at a premium or discount. Required a. Valley issued $300,000 of bonds with a stated interest rate of 7 percent.
Answers (1)
Home » Business » If the percentage change in quantity demanded of a good is less than the percentage change in buyer's income, then the good is said to be:
Sign Up Forgot Password?