Consider the Following Data for a Hypothetical Economy TABLE 4- 4
-Refer to Table 4- 4

question 27

Multiple Choice

Consider the following data for a hypothetical economy. $\begin{array}{|l|c|c|c|}\hline\text { Year } & \begin{array}{c}\text { Average } \\\text { Household } \\\text { Income }(\$) \end{array} & \begin{array}{c}\text { Price of Transit } \\\text { Passes (\$) }\end{array} & \begin{array}{c}\text { Qty Demanded } \\\text { TransitPasses }\end{array} \\\hline 2009 & 78,000 & 60 & 99,000 \\\hline 2010 & 82,000 & 60 & 101,000 \\\hline\end{array}$ TABLE 4- 4
-Refer to Table 4- 4. The income elasticity of demand for transit passes in this economy is

• A) 2.5.
• B) 3.0 percent.
• C) 0.5.
• D) 2.5 percent.
• E) 0.4.

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Definitions:

Daily Influence

Daily influence refers to the constant and subtle effects our environment, interactions, and decisions have on our lives day-to-day.

College Students

Individuals enrolled in institutions of higher education pursuing degrees or certifications.

Personality Factors

Dimensions of personality used to categorize individuals into personality types, commonly described by the Big Five: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Situational Factors

External influences that affect an individual's behavior, decisions, or perceptions in a given context.