Tonya Consumes 10 Boxes of Ramen Noodles a Year When

question 111

Multiple Choice

Tonya consumes 10 boxes of Ramen Noodles a year when her yearly income is $40,000. After her income falls to $30,000 a year, she consumes 40 boxes of Ramen Noodles a year. Calculate her income elasticity of demand for Ramen Noodles.

• A) 4.2
• B) -4.2
• C) -2.25
• D) 2.25

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