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If demand for a product goes up when income rises, what type of good is the product?
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Question
Asked 11/10/2011 9:00:19 PM
Updated 11/11/2011 12:04:58 AM
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If demand for a product goes up when income rises, what type of good is the product?
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User:
If demand for a product goes up when income rises, what type of good is the product?
Weegy:
... in the price of a good or service to the change in the income ... less if the price goes up. Also, the price that an established product ... demand by going up when demand rises ... [ ]
User:
What type of good is a luxury product?
Weegy:
... of product they are, such as commodity products or luxury ... of the product, the number and type of ... A product marketed as a good value, on the other hand, is geared ...
User:
The income elasticity of tomatoes is 0.5. If income goes up 20%, demand for tomatoes will _______ by ______
Weegy:
.5= demand/ 20, so demand will increase by10%. increase, 10%
Expert answered|
shifa saleheen
|Points 7104|
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Question
Asked 11/10/2011 9:00:19 PM
Updated 11/11/2011 12:04:58 AM
1 Answer/Comment
This answer has been confirmed as correct and helpful.
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AngelInDisguise
If demand for a product goes up when income rises, the product is a luxury good. Luxury goods are considered normal goods.
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Added 11/11/2011 12:05:25 AM
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