The Income Elasticity of Demand for Peaches Has Been Estimated

question 41

Multiple Choice

The income elasticity of demand for peaches has been estimated to be 1.43.If income grows by 15 percent in a period, how will that affect demand for peaches in that period, all other things unchanged?

• A) demand will increase by less than 15 percent
• B) demand will increase by 21.5 percent
• C) demand will decrease by 21.5 percent
• D) demand will decrease by 15 percent

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Southeast

A geographical region of the United States that includes states like Alabama, Georgia, and Mississippi, known for its distinct culture and history.

Slave Laws

Legislation passed to regulate the status of slaves, detailing provisions regarding their treatment, duties, and rights in societies where slavery was practiced.

Resistance

The refusal to accept or comply with something; the attempt to prevent something by action or argument.

Founding Of Georgia

The establishment of the U.S. state of Georgia in 1732, the last of the original Thirteen Colonies, founded by James Oglethorpe as a debtor's colony.