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Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. Due to her increase in income, she is able to buy 24 slices for her birthday this year. Using the mid-point formula, the income elasticity is _________ and the cheesecake slices are __________ goods.

Sagot :

Answer:

0.8; normal

Explanation:

Okpalawalter8idn

Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. the income elasticity is 0.8 and the cheesecake slices are normal goods. This is further explained below.

What are goods?

Generally, goods are simply defined as objects to be carried, as opposed to passengers

In conclusion, Ashley bought 20 servings of cheesecake for her birthday celebration last year. The elasticity of income is 0.8, and the cheesecake slices are ordinary products.

Read more about goods

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