Social Studies, 08.04.2020 01:20 janyha212

Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is 0.09. This means that:

A. an increase in the price of beer will lead to a decrease in the quantity demanded of beer and beer is a luxury.
B. an increase in the price of beer will increase the quantity demanded of beer and beer is a normal good.
C. an increase in the price of beer will lead to an increase in revenue for beer sellers and beer is a normal good.
D. a decrease in the price of beer will lead to an increase in revenue for beer sellers and beer is an inferior good.

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Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is...