Answer:
Necessity Goods : Income Inelastic (< 1)
Luxury Goods : Income Elasticity ( > 1)
Explanation:
Elasticity is responsiveness of demand change to price change . Formula : - % change in demand / % change income
Normal goods have positive income elasticity, i.e. demand increase with income rise & decrease with income rise .
Necessity good's demand responds less to income change & is income inelastic ( < 1 ), % change in demand < % change in price .
Eg : Medicines
Luxury good's demand is more responsive to income change & is income elastic ( > 1) , % change in demand > % change in price .
Eg : Luxury Cars
Answer:
Consequence.
It could be both good or bad.
<em>Hope this helps!!!</em>
Answer:The middle classes (the bourgeoisie) possessed the greater part of the fortune of France, whereas the privileged orders were ruining themselves. This growing wealth and expectation made them acutely sensitive to their inferior legal status. ... The middle classes owned the money but they also acquired the moral power.
Explanation:
<span>"Score on the beck depression inventory" is an operational definition of depression.
</span><span> The operational definition determines the nature of an item or phenomenon (a variable, term, or object) and its properties.</span>