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Elasticity

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Question 12

The table below shows the change in the weekly demand for artisanal sourdough bread in a suburban town following a change in average household income.

YearAverage annual household incomeWeekly quantity of artisanal sourdough bread purchased
2022£40,000800 loaves
2023£50,0001,120 loaves

Based on this information, artisanal sourdough bread is best classified as a:

Normal necessity

Superior (luxury) good

Inferior good

Complementary good

Elasticity Questions

  1. A Level
  2. /Economics
  3. /Elasticity