Ayushi Asked a Question
August 10, 2020 6:03 pmpts 30 pts
33. The income elasticity of demand for Luxury goods is generally : (1 less than one (2) equal to one 3) positive (4} negative (1) 5 B (3 (2) (4
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  • Nidhi taparia Best Answer
    The correct answer is (3). The income elasticity for luxury goods is positive, greater than one in fact. This means that when income rises, consumption of luxury goods may rise mor...
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