An income elasticity of demand equal to by Prof. Frank Levy @Harvard

Question 9 / 43: An income elasticity of demand equal to 2 for a particular product means that:

A demand curves for the product slope upward.

B the product is an inferior good.

C a 10 percent increase in income will yield a 20 percent increase in the quantity sold.

D a 20 percent increase in income will result in a 10 percent increase in the quantity sold.

E (% change in Q) / (% change in P) = 2.

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Microeconomics Practice MCQ

Author:

Prof.Frank LevyLecturer

Harvard Medical School

USA

Access: Public Instant Grading

Attribution: Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA

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