Income elasticity

Last updated about 4 hours ago

10 questions

Income elasticity

Last updated about 4 hours ago

10 questions

Question 1

Income elasticity looks at the change in income after the quantity demand for a product changes

True

False

Question 2

Which product is not an inferior good

Jive to Coca Colla

Pnp No name tune to John West

Toyota taz to Audi A3

Question 3

Question 4

The income elasticity of demand for Steak = 2.
Draw the graph
Fill in X & Y axis, provide values

Question 5

The income elasticity of demand for Pronutro is 1.
Draw the graph.
Fill in X & Y axis, provide values

Question 6

The income elasticity of demand for brown bread =-0,3
Draw the graph.
Fill in X & Y axis, provide values

Question 7

Draw the graph of a product that is relatively income inealstic.
Provide the name of product

Question 8

Draw the graph of a product that is relatively elastic

Question 9

Income elasticity of -3 means it is a ______ good

Inferior

Normal

Complimentary 

Substitute

Question 10

10.

Income elasticity of 0,5 means it is a ______ good

Inferior

Normal

Complimentary 

Substitute

Question 1

Income elasticity looks at the change in income after the quantity demand for a product changes

True

False

Question 2

Which product is not an inferior good

Jive to Coca Colla

Pnp No name tune to John West

Toyota taz to Audi A3

 Weetbix to Futurelife

Rump steak to pork chop

Question 3

Select all the normal goods

Markhams to PEP stores clothing

Margarine to butter

All gold tomato sauce to Heinz ketchup

Kurt Darren live at Kirstenbosch to a Kurt Darren CD

Futurelife to Futurlife High Protein

Mercedes Benz to Mercedes Benz AMG

Question 4

The income elasticity of demand for Steak = 2.
Draw the graph
Fill in X & Y axis, provide values

Question 5

The income elasticity of demand for Pronutro is 1.
Draw the graph.
Fill in X & Y axis, provide values

Question 6

The income elasticity of demand for brown bread =-0,3
Draw the graph.
Fill in X & Y axis, provide values

Question 7

Draw the graph of a product that is relatively income inealstic.
Provide the name of product

Question 8

Draw the graph of a product that is relatively elastic

Question 9

Income elasticity of -3 means it is a ______ good

Inferior

Normal

Complimentary 

Substitute

Question 10

10.

Income elasticity of 0,5 means it is a ______ good

Inferior

Normal

Complimentary 

Substitute

 Weetbix to Futurelife

Rump steak to pork chop

Select all the normal goods

Markhams to PEP stores clothing

Margarine to butter

All gold tomato sauce to Heinz ketchup

Kurt Darren live at Kirstenbosch to a Kurt Darren CD

Futurelife to Futurlife High Protein

Mercedes Benz to Mercedes Benz AMG

Income elasticity

Income elasticity

Income elasticity looks at the change in income after the quantity demand for a product changes

Which product is not an inferior good

The income elasticity of demand for Steak = 2. Draw the graphFill in X & Y axis, provide values

The income elasticity of demand for Pronutro is 1. Draw the graph.Fill in X & Y axis, provide values

The income elasticity of demand for brown bread =-0,3Draw the graph.Fill in X & Y axis, provide values

Draw the graph of a product that is relatively income inealstic. Provide the name of product

Draw the graph of a product that is relatively elastic

Income elasticity of -3 means it is a ______ good

Income elasticity of 0,5 means it is a ______ good

Income elasticity looks at the change in income after the quantity demand for a product changes

Which product is not an inferior good

Select all the normal goods

The income elasticity of demand for Steak = 2. Draw the graphFill in X & Y axis, provide values

The income elasticity of demand for Pronutro is 1. Draw the graph.Fill in X & Y axis, provide values

The income elasticity of demand for brown bread =-0,3Draw the graph.Fill in X & Y axis, provide values

Draw the graph of a product that is relatively income inealstic. Provide the name of product

Draw the graph of a product that is relatively elastic

Income elasticity of -3 means it is a ______ good

Income elasticity of 0,5 means it is a ______ good

The income elasticity of demand for Steak = 2.
Draw the graph
Fill in X & Y axis, provide values

The income elasticity of demand for Pronutro is 1.
Draw the graph.
Fill in X & Y axis, provide values

The income elasticity of demand for brown bread =-0,3
Draw the graph.
Fill in X & Y axis, provide values

Draw the graph of a product that is relatively income inealstic.
Provide the name of product

The income elasticity of demand for Steak = 2.
Draw the graph
Fill in X & Y axis, provide values

The income elasticity of demand for Pronutro is 1.
Draw the graph.
Fill in X & Y axis, provide values

The income elasticity of demand for brown bread =-0,3
Draw the graph.
Fill in X & Y axis, provide values

Draw the graph of a product that is relatively income inealstic.
Provide the name of product