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Sagot :
Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. the income elasticity is 0.8 and the cheesecake slices are normal goods. This is further explained below.
What are goods?
Generally, goods are simply defined as objects to be carried, as opposed to passengers
In conclusion, Ashley bought 20 servings of cheesecake for her birthday celebration last year. The elasticity of income is 0.8, and the cheesecake slices are ordinary products.
Read more about goods
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