A Study of Consumers in an Area Found That as Family

question 98

Multiple Choice

A study of consumers in an area found that as family income increased from $25,000 per year to $35, 000 per year, other factors held constant, the number of houses purchased increased from 7,000 per year to 11,000 per year. This finding indicates an income elasticity of demand coefficient for housing over this family income range of:

• A) 0.22.
• B) 0.75.
• C) 1.33.
• D) 4.50.

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Definitions:

Injuries

Harm or damage to the body caused by accidents, falls, hits, weapons, and other external forces.

Intensity

The magnitude or strength of a phenomenon, such as light, sound, or an emotion.

Level of Service

A measure of the quality or extent of service provided to customers or clients in various industries.

Alphabetic Index

A system of organizing and listing items, such as words or names, in alphabetical order for easy reference and retrieval.