The uploaded question does not contain the options. The full question with the options is shown below.
Joe receives a 20 percent increase in his income from his part time job and as a consequence decreases his consumption of Ramen noodles by 10 percent. Hence to Joe, Ramen noodles are
A) a normal good with a price elasticity of demand of 0.5.
B) a substitute good with a cross elasticity of 0.5.
C) a good with a price elasticity of supply of -0.5.
D) an inferior good with an income elasticity of -0.5.
E) an inferior good with an income elasticity of -2.0.
Answer:
D) An inferior good with an income elasticity of -0.5
Step-by-step explanation:
Income elasticity is calculated by finding the negative 50% change in demand.
Income elasticity = -0.5
The reduction in demand for Ramen noodles due to the increase in income indicates that Ramen noodle is an inferior good that was only purchased because of Joe's meager income.
Answer:
6
Step-by-step explanation:
y=2x+4
y=2(1)+4
y=2+4
y=6
Answer:
Step-by-step explanation:
Given series is,
50,80,110....
First term, a = 50
Common difference, d = 80-50 = 30
We need to find the nth term of the given sequence.
The nth term of an AP is given by :
Put a = 50 and d = 30 in the above formula
Hence, the nth term of the sequence is .