If the income elasticity is negative 3.5, is this a substitute, complement, normal or an inferior good? Is this elastic or inelastic?
If the income elasticity is negative 3.5, is this a substitute, complement, normal or an inferior good? Is this elastic or inelastic? (Use absolute values for the second part of the question.) If the cross-price elasticity is negative 0.5, is this a substitute, complement, normal or an inferior good? Is this elastic or inelastic? (Use absolute values to answer the second part of the question.) […]