The Income Elasticity of Demand for Ground Beef Has Been

question 148

Multiple Choice

The income elasticity of demand for ground beef has been estimated to be -0.197.If income drops by 10 percent in a period, how will that affect demand for ground beef in that period, all other things unchanged?

• A) demand will increase by less than 1.97 percent
• B) demand will increase by 1.97 percent
• C) demand will decrease
• D) demand won't change, but quantity demanded will decrease by 1.97 percent

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