Suppose That Average Incomes Decreased from $38,000 to $36,000,and the Quantity

question 54

Multiple Choice

Suppose that average incomes decreased from $38,000 to $36,000,and the quantity demanded of a product increased from 45 to 55.What is the value of the income elasticity of demand?

• A)-0.27
• B)-3.7
• C)-1.0
• D)+0.27
• E)+3.7

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