Reta's Income Elasticity of Demand for Steak Dinners Is 1

question 218

Multiple Choice

Reta's income elasticity of demand for steak dinners is 1.50.All else equal,this means that if her income increases by 20 percent,she will buy

• A) 150 percent more steak dinners.
• B) 50 percent more steak dinners.
• C) 30 percent more steak dinners.
• D) 20 percent more steak dinners.

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