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- An income elasticity of demand
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Card 11 / 47: An income elasticity of demand equal to 2 for a particular product means that:
A)
demand curves for the product slope upward.
B)
the product is an inferior good.
C)
a 10 percent increase in income will yield a 20 percent increase in the quantity sold.
D)
a 20 percent increase in income will result in a 10 percent increase in the quantity sold.
E)
(% change in Q) / (% change in P) = 2.
Answer:
C) a 10 percent increase in income will yield a 20 percent increase in the quantity sold.
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Attribution:
Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA
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