Given the following income elasticities of demand:
product income elasticity
movies +3....
Given the following income elasticities of demand:
product income elasticity
movies +3.4
dental service +1.0
clothing +0.5
the values indicate that movies and dental services are normal goods, but clothing is an inferior good.
(a) a 1 percent increase in income will increase the quantity of movies demanded by 3.4 percent.
(b) a 5 percent increase in the price of dental services will decrease the demand for dental services by 5 percent.
(c) a 10 percent increase in income will increase the demand for clothing by 20 percent.
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