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Economics
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Economics
Average income increase from Rs20,000 p.a to Rs 22,000 p.a Quantity demanded per year increases 5000 to 6000 units. Which of the following is correct ?
A
Demand is price inelastic
Option A
B
The good is inferior
Option B
C
Income elasticity is -2
Option C
The product is normal
Correct answer
Correct answer: D
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