Question

consumer considered margarine as inferior good and butter as normal good , with an increase in income of the consumer he will:​

Answer 1

Answer:

Income elasticity of demand refers to the sensitivity of the quantity demanded for a certain good to a change in real income of consumers who buy this good, keeping all other things constant.

The formula for calculating income elasticity of demand is the percent change in quantity demanded divided by the percent change in income. With income elasticity of demand, you can tell if a particular good represents a necessity or a luxury.

Explanation:

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