The Income Elasticity of Demand for Low-Quality Beef Is -2

question 81

Multiple Choice

The income elasticity of demand for low-quality beef is -2. Thus, an 8% decrease in the quantity of low-quality beef demanded

• A) is the result of a decrease in income of 4%.
• B) is the result of an increase in income of 0.25%.
• C) is the result of an increase in income of 4%.
• D) is unrelated to any change in income.

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Definitions:

Years old

is a measure of age expressed by the number of years passed since birth.

Neurons

Specialized cells in the nervous system that transmit information to other nerve cells, muscle, or gland cells, functioning as the building blocks of the brain and nervous system.

Spinal cord

A long, thin, tubular bundle of nervous tissue and support cells that extends from the brain, part of the central nervous system, responsible for transmitting nerve signals.

Axons

Long, slender projections of nerve cells (neurons) that transmit electrical impulses away from the neuron's cell body to other neurons, muscles, or glands.