Last year, Jim bought 8 tickets to sporting events when his income was $30,000 . This year, his income is $33,000 . and he purchased 10 tickets to sporting events. Holding other factors constant and using the midpoint method, it follows that Jim's income elasticity of demand is about
a. 0.43, and Jim regards tickets to sporting events as inferior goods.
b. 0.43, and Jim regards tickets to sporting events as normal goods.
c. 2.33, and Jim regards tickets to sporting events as inferior goods.
d. 2.33, and Jim regards tickets to sporting events as normal goods.
d
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