Johnny buys 5 hot dogs per month when he makes $12 per hour. He buys 8 hot dogs per month when he makes $10 per hour. It follows that Johnny's income elasticity for hot dogs is (Select] ✓and Johnny considers hotdogs to be a(n) [Select] good.

Johnny buys 5 hot dogs per month when he makes $12 per hour. He buys 8 hot dogs per month when he makes $10 per hour. It follows that Johnny's income elasticity for hot dogs is (Select] ✓and Johnny considers hotdogs to be a(n) [Select] good.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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Question

Johnny buys 5 hot dogs per month when he makes $12 per hour. He buys 8 hot dogs per month when he makes $10 per
hour. It follows that Johnny's income elasticity for hot dogs is [Select]
Y and Johnny considers
hotdogs to be a(n)
[ Select]
good.

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