apocalypsearisen2012 apocalypsearisen2012

06-03-2021
Business

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The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?

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ismail096992 ismail096992

06-03-2021

Answer:

the income elasticity of bread is 20/39 and bread is an inferior good

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