Question

joelle consumes food and clothing. for incomes near her current income, her income expansion path is negatively sloped. indicate whether each of the following statements is true or false, and provide a brief explanation why. (you may want to use a graph in formulating your explanation.) at current income levels, food must be an inferior good. at current income levels, clothing must be an inferior good. at current income levels, food and clothing must be inferior goods. at current income levels, either food or clothing must be an inferior good.

Answer 1

Joelle consumes food and garb. for earning near her modern-day income, her earnings expansion direction is negatively sloped. Increasing much less of 1 god whilst profits growth implies consuming extra of the opposite three .at the least one proper must be every day.

The term “profits” commonly refers to the quantity of money, property, and different transfers of price acquired over a set time period in change for products or services. there may be no unmarried, preferred definition: earnings are described consistent with the context in which the idea is used.

Three of the main varieties of profits are earned passive, and portfolio. Earned income consists of wages, salary, tips, and commissions. Passive or unearned earnings may want to come from condominium homes, royalties, and restricted partnerships. Portfolio or funding income includes interest, dividends, and capital gains on investments.

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