If income elasticity of demand for lard is (-3), this means that: a. Lard is a substitute for butter b. Lard is a normal good c. Lard is an inferior good d. None of the above

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Bhumit Mehta · Answer 1 · 2024-10-22T01:18:54+0000

Final answer:

If the income elasticity of demand for lard is (-3), it means that lard is an inferior good.

Step-by-step explanation:

If the income elasticity of demand for lard is (-3), this means that lard is an inferior good. An inferior good is a product for which demand decreases as income increases. In this case, as income rises, people tend to purchase less lard.

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If income elasticity of demand for lard is (-3), this means that: a. Lard is a substitute for butter b. Lard is a normal good c. Lard is an inferior good d. None of the above

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