tyquanda81
Answered

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A good for which an inverse relationship exists between the demand for the good and income is a(n) good. Do you know the answer I know​

Sagot :

Lanuel

Answer:

Inferior.

Explanation:

A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.

Mathematically, the price elasticity of demand is given by the formula;

[tex] Price \; elasticity \; of \; demand = \frac {Percentage \; change \; in \; price}{Percentage \; change \; in \; demand} [/tex]

A good for which an inverse relationship exists between the demand for the good and income is an inferior good.

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