John purchases two goods, x and y. Good x is an inferior good for some range of income.There must be another range of income for which good x is a normal good.
举一反三
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________. A: negative, and pizza is a inferior good B: positive, and pizza is a normal good C: positive, and pizza is an inferior good D: negative, and pizza is an normal good
- If a 4% increase in income causes a 2% increase in the amount of books demanded, then A: The income elasticity of demand for books is negative B: Books are a necessity and a normal good C: Books are luxury goods D: Books are inferior goods
- Ike's utility function is U(x;y) = 25xy. He has 12 units of good x and 8 units of y. Ben's utility function for the same two goods is U(x;y)=4x+4y. Ben has 9 units of x and 13 units of y.
- A Giffen good must be an inferior good. A: 对 B: 错
- If leisure is a normal good, then an increase in non-labor income will reduce labor supply.