The Income Elasticity of Demand for Education Is 3

question 44

Multiple Choice

The income elasticity of demand for education is 3.5. Thus, a 4% increase in income will

• A) decrease the quantity of education demanded by 3.5%.
• B) decrease the quantity of education demanded by 14%.
• C) increase the quantity of education demanded by 4%.
• D) increase the quantity of education demanded by 14%.

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