Question

The income of the consumer increased from Rs 12500 to Rs 15000, The demand of a particular commodity declined from 50 units to 43 units. Calculate the income elasticity of the commodity and state the type of the commodity

A 0.7 and normal good

B -0.7 and inferior good.

C 0.7 and luxury good)

D -0.7 and inclastic good

Answer 1

Answer:

0.7 and luxury is good

Explanation:

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