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

Related MCQs

• A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased:
• 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:
• If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned 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:
• When an individual’s income rises, when everything else remains the same, his demand for normal goods:
• When an individual’s income falls, when everything else remains the same, his demand for inferior goods: