In the case of luxury goods, the income elasticity of demand will be:

Related MCQs

• Income elasticity of demand for inferior goods is:
• When demand curve is rectangular hyperbola, the value of price elasticity of demand will be:
• If the income elasticity of demand is greater than one, then the commodity is:
• For complementary goods, the cross elasticity of demand:
• Cross elasticity of demand in the case of substitutes:
• Income elasticity is positive, but less than unity in the case of:
• The demand curve for Giffen’s goods:
• In the case of normal goods, the quantity demanded varies inversely with:
• In the case of perfect complementaries, the MRS between goods is:
• When Q = f (P), the elasticity coefficient is measured by: