【acca F1考试题】2019年4月12日acca每日一练(7-8)
【acca选择题】
7.The income elasticity of demand for a product is high. This means that:
A Sales will fall only slightly when incomes of households fall
B Sales will rise sharply when incomes of households rise
C The good is an inferior good
8. Using the point method, what is the price elasticity of demand of product X as price falls from its current price of $20 to $15?
7. B
Rationale: The income elasticity of demand measures the responsiveness of demand to changes in consumers' incomes. An 'inferior' good has a negative income elasticity: as incomes fall, more is bought.
8. D
Rationale: Percentage change in quantity = 50%. Percentage change in price = 25%.
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