The Income Elasticity of Demand for Eggs Has Been Estimated

question 1

Multiple Choice

The income elasticity of demand for eggs has been estimated to be 0.57.If income grows by 5 percent in a period, how will that affect demand for eggs in that period, all other things unchanged?

• A) demand will increase by more than 5.7 percent
• B) demand will increase by about 2.9 percent
• C) demand will decrease by more than 5.7 percent
• D) demand will decrease

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