the income elasticity of tomatoes is 0.25,it means tomato are
(a)inferior goods
(b)luxury goods
(c)normal goods
(d) can't say.
and how?
Answers
substitute is the answer
Tomatoes are juicy and sweet, full of antioxidants, and may help fight several diseases. They are especially high in lycopene, a plant compound linked to improved heart health, cancer prevention, and protection against sunburns. Tomatoes can be a valuable part of a healthy diet
luxury good
Luxury goods are products that are not essential but are highly desired and associated with wealthy or affluent people. They are bought for reasons such as, to support self-worth and status or for the product's quality and craftsmanship.Compared to essential goods, luxury items are highly elastic. Goods with many alternatives or competitors are elastic because, as the price of the good rises, consumers shift purchases to substitute items.In economics, a luxury good (or upmarket good) is a good for which demand increases more than proportionally as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income
Correct option is
C)substitutes
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