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| 3.Assume that Rajesh Singh’s income increased from $20,000 per year to $30,000 per year, and his demand for “store-brand” bread decreased from 80 loaves to 40 loaves per year. Which of the following most accurately describes Singh’s income elasticity for store-brand bread? A:A:Income elasticity is -1.67 and store-brand bread is an inferior good. B:B:Income elasticity is -0.60 and store-brand bread is an inferior good C:C:Income elasticity is +1.00 and store-brand bread is a complimentary good. |
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