Answer to Question #40697 in Microeconomics for Alishia

Question #40697
if the income elasticity of demand for furniture is +5, a 5% increase in consumer income,ceteris paribus will a) decrease the quantity of furniture bought by 25% b) increase the quantity of furniture bought by 25% c) increase the quantity of furniture bought by 5% d) increase the quantity of furniture bought by 1%
1
Expert's answer
2014-03-27T11:42:13-0400
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Assignment Expert
27.03.14, 20:06

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Alishia
27.03.14, 20:00

thanks a lot for the answer

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