Ask Question
BusinessBusiness
21 December, 01:27

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. 21 December, 01:53
    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?
Find 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
On August 1, Hagino Corporation declared a $1.50 per share cash dividend on its common stock (20 comma 000 shares) for stockholders on record as of August 15. Hagino paid the dividend on August 31.
Answers (1)
In order to finance their trip to the new world, the pilgrims had to form a joint-stock company. a. True b. False
Answers (1)
Interest-on-Interest Consider a $1,500 deposit earning 4 percent interest per year for 7 years. How much total interest is earned on the original deposit (excluding interest earned on interest) ?
Answers (1)
Which of the following statements is FALSE? A. The average tax rate is the total tax expense divided by the total taxable income. B. The marginal tax rate is the tax rate that applies to the next dollar of taxable income that a firm earns. C.
Answers (1)
Impression management research shows in the first five minutes:
Answers (1)
New Questions in Business
Which of the following costs are not included in finished goods inventory?
Answers (1)
Give two examples of mandatory payroll deductions
Answers (1)
Identify an advertisement or commercial that targets only one of the generational groups. Describe the promotion in detail and identify the intended group.
Answers (1)
From the Farm Fruits, a company that produces and distributes organic fruits for grocery stores, wants to market its fruits in such a way that children will beg their parents to buy them.
Answers (1)
For a given constant required rate of return, the greatest portion of a preferred stockholder's return comes from increases in the price of preferred stock. a. True b. False
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?