You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. Your roommate still enjoys Ramen noodles very much and buys even more, but you plan to buy fewer Ramen noodles in favor of foods you prefer more. When looking at income elasticity of demand for Ramen noodles, yours would

Question

08-10-2019
Business

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You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. Your roommate still enjoys Ramen noodles very much and buys even more, but you plan to buy fewer Ramen noodles in favor of foods you prefer more. When looking at income elasticity of demand for Ramen noodles, yours would

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DelcieRiveria DelcieRiveria · Answer 1 · 2019-10-09T10:02:41+02:00

Answer:

The person has a negative income elasticity for Ramen noodles.

Explanation:

A person and his/her roommate both eat three packages of Ramen noodles each week.

After graduation, both of them were hired at several times their college income.

The roommate still enjoys Ramen noodles very much and buys even more, but the person plans to buy fewer Ramen noodles in favor of foods you prefer more.

This implies that the person's income elasticity for ramen is negative. As the income of the person increases his/her demand for ramen decrease. Ramen is inferior good for the person while it is a normal good for his/her roommate as their demand for ramen increased with an increase in income.