Neco Model Questions Vol1 2020 Economics Question 22
Practice objective / multiple choice question 22 from the 2020 Neco Model Questions Vol1 Economics examination.
A consumer's monthly income rises from \(\₦50{,}000\) to \(\₦60{,}000\). During the same period his expenditure on clothing increases from \(\₦8{,}000\) to \(\₦9{,}600\). Compute the income elasticity of demand for clothing and state whether clothing is a normal or inferior good.
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About This Question
This is Neco Model Questions Vol1 2020 Economics Question 22. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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