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How are the following calculations are made?

When income increased by 10%, the quantity of memberships of athletic clubs increased by 15 percent, the quantity demanded of spring water increased by 5 percent, and the quantity demanded of soft drinks decreased by 2 percent. Use the

a. Is club membership a normal or an inferior good?

b. Is demand for club membership income elastic or income inelastic?

c. Is spring water a normal or an inferior good?

d. Is soft drink a normal or an inferior good?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9746898

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