dannysaf Posted October 12, 2010 Report Share Posted October 12, 2010 An individual’s income elasticity of demand for a good can be greater than one throughout the entire possible range of income. true or false? Quote Link to comment Share on other sites More sharing options...
Greebo Posted October 12, 2010 Report Share Posted October 12, 2010 I find that sentence to be very poorly worded. "An individual’s income elasticity of demand for a good can be greater than one throughout the entire possible range of income. " Did you mean "individual income" as a single income, or "individual's income" as in the income of an individual? Is this an accurate restatement? "The elasticity of demand for a good by one individual income can be greater than the elasticity of demand for the same good across the entire range of all incomes." If so, then no, because the one individual income is a part of the set of all incomes, and a member of a set can not also be outside of that set. Quote Link to comment Share on other sites More sharing options...
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