Suppose That a 20 Percent Increase in Income Increases the Quantity

question 124

Multiple Choice

Suppose that a 20 percent increase in income increases the quantity of good A demanded from 19,200 to 20,800 units. The income elasticity of demand for good A is

• A)0.05.
• B)0.8.
• C)0.4.
• D)1.2.
• E)2.0.

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Definitions:

Traditionally-defined Racial Groups

Categories of human populations based on shared physical or social qualities into which societies have divided people.

Biological Markers

Indicators or measurable substances in the body that can signify health conditions, genetic predispositions, or disease states.

Genetic Variation

The diversity in gene frequencies within a species, which contributes to differences among individuals, including susceptibility to diseases, and physical and psychological characteristics.

Classificatory Schemes

Systems or methods used for organizing, categorizing, or grouping entities based on certain criteria or characteristics.