Which of the following (below) is the most accurate interpretation of the income elasticity measure for Ethiopia.

referenced above (file i) and find the incom Show more Locate the file with income elasticity estimates thats referenced above (file i) and find the income elasticity estimate for Medical & Health expenditure in Ethiopia. Which of the following (below) is the most accurate interpretation of the income elasticity measure for Ethiopia. Note that within this particular question there is only one correct answer Ethiopia Medival and Health =3.275 a. elastic good b. inelastic good c. normal good d. luxury good e. necessity f. inferior good g. normal good and necessity h. normal good and luxury good i. substitute good j. complement good k. elastic good and necessity l. inelastic good and necessity m. none of the above part II Given the own-price elasticity of Medical & Health expenditure in Ethiopia please indicate every true statement about how a change in price should affect the total revenue associated with selling this good (note that in this particular question it is possible to have more than one correct answer). Note that there is no partial credit on this question you must get it completely correct or it will be wrong. Ethiopia medical and health=-2.361 a. the own-price elasticity of Medical & Health directly implies that an increase in price would lead to an increase in the total revenue associated with selling Medical & Health b. the own-price elasticity of Medical & Health directly implies that a decrease in price would lead to an increase in the total revenue associated with selling Medical & Health c. the own-price elasticity of Medical & Health directly implies that an increase in price would lead to a decrease in the total revenue associated with selling Medical & Health d. the own-price elasticity of Medical & Health directly implies that a decrease in price would lead to a decrease in the total revenue associated with selling Medical & Health Show less

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