Question

The income elasticities of demand for movies, dental services, and clothing have been
estimated to be + 3.4, +1 and +0.5, respectively. Interpret these coefficients, what does it
mean if an income elasticity coefficient is negative?

Answer 1

Answer:

The income elasticities of demand for movies, dental services, and clothing have been estimated to be +3.4, +1, and +. ... These coefficients reveal that a 1 percent increase in income will increase the quantity of movies demanded by 3.4 percent, of dental services by 1 percent, and of clothing by 0.5 percent.

Explanation:

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