a. The income elasticity of demand is _ ( positive/ negative) for normal goods and _ (positive/ negative) for inferior goods. b. If a 20 percent increase in income increases the...

a. The income elasticity of demand is _________ ( positive/ negative) for normal goods and _________ (positive/ negative) for inferior goods.

b. If a 20 percent increase in income increases the quantity of iPods demanded by 30 percent, the income elasticity of demand is _________.

May 26, 2022