Question

A 10 percent increase in income leads to a 15% decrease in the quantity of macaroni and cheese demanded. From this information, we can assume:

Answer 1

The information about the demand shows that macaroni is a normal good.

What is a demand?

Demand is the amount of goods and services that a buyer wants to buy at a price and a given time.

Since a 10 percent increase in income leads to a 15% decrease in the quantity of macaroni and cheese demanded. Therefore, macaroni is a normal good and the price elasticity of demand is greater than 1.

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