The income of a household rises by $10$ %, the demand for washing machine rises by $20$ %. This means washing machines (in Economics) is a/an _________.

inferior good

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luxury good

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necessity

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can't be determined

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Solution

The correct option is C luxury good
Luxury goods have an income elasticity of $E_{d} > 1$ .

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The income of a household rises by 10%, the demand for washing machine rises by 20%. This means washing machines (in Economics) is a/an _________.

The correct option is C luxury goodLuxury goods have an income elasticity of Ed>1.

The income of a household rises by $10$ %, the demand for washing machine rises by $20$ %. This means washing machines (in Economics) is a/an _________.

The correct option is C luxury good
Luxury goods have an income elasticity of $E_{d} > 1$ .