Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Due to the raise in Overnight Policy Rate (OPR) by 50%, the disposal income dropped by 15% and demand for Product A increase from 1.5million units to 1.95 million units. Please calculate the Income Elasticity of Demand and determine the nature of good for Product A. Use median formula to calculate.
A. +2, normal good
B. -2, Inferior good
C. +1.7, normal good
D. -1.7, normal good

Sagot :

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.