He or she rents 63 movies per year at the same price per, Ask an Expert

Economics

Suppose a person with an income of $60,000 per year rents 52 movies per year at a price of $1 per movie. When the person's income rises to $65,000, he or she rents 63 movies per year at the same price per movie. What is the implied income elasticity of demand for movies? Are movies a normal good or an inferior good?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9443635

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