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Annette [7]
2 years ago
5

Consider a two-good world: good x and good y. The ICC (income consumption curve) between good x and good y has a negative slope

and the Engle curve of good x has a positive slope. Which of the following statements is false?
a. Good x is a normal good.
b. Goody is an inferior good.
c. The Engle curve for good y has a negative slope.
d. The income elasticity for good y is negative.
e. none of the above.
Business
1 answer:
Art [367]2 years ago
6 0

Answer: none of the above.

Explanation:

The Engle curve shows the relationship that takes place between the income of a consumer and the quantity of a particular good purchased.

From the question we are informed that the income consumption curve between good x and good y has a negative slope, this implies that good Y is an inferior good and that it has a negative income elasticity.

Also, since the Engle curve of good X has a positive slope, it implies that good X is a normal good.

Therefore, the answer to the question is "none of the above" as all options are true.

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