Fred's Income Increases from $800 Per Week to $1,200 Per

question 116

Multiple Choice

Fred's income increases from $800 per week to $1,200 per week.As a result,he decides to purchase 40 percent more bubble gum each week.The income elasticity of Fred's demand for bubble gum is

• A)0.40.
• B)40.
• C)1.0.
• D)0.12.
• E)10.

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