Question

67)Income elasticity of demand of Ramesh for coke is +0.8. Coke is thus which kind of good for the Ramesh?
Select one:
a. Normal
b. Giffen
c. Inferior
d. Veblen​

Answer 1

Explanation:

its d veblen

hope it will help u

Answer 2

Answer:

The most suitable answer for these questions Normal.

Explanation:

The income elasticity of demand for Ramesh for coke is +0.8, which means that as his income increases, his demand for coke increases by a proportionate amount.

This type of good is known as a normal good, which is a product that consumers demand more of as their income increases.

It is the opposite of an inferior good, where consumers demand less of a product as their income increases.

The concepts of Giffen and Veblen goods are not relevant here as they refer to goods whose demand changes in an unusual way in response to changes in income.

In the case of Ramesh and coke, a normal good classification is most appropriate.

So, we conclude that the suitable answer is normal good.

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