Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?

Sagot :

ismail096992

Answer:

the income elasticity of bread is 20/39 and bread is an inferior good

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.