If an Increase in Income by 15 Per Cent Results

question 7

Multiple Choice

If an increase in income by 15 per cent results in a 45 per cent increase in the quantity demanded, what is the income elastic of the good?

• A)3/2
• B)3
• C)1/2
• D)1/3
• E)None of the above

---

Definitions:

Annual Marathon

a yearly organized long-distance running event, typically covering a distance of 42.195 kilometers, often supporting charitable causes.

Virtual Volunteer

Individuals who contribute their skills or time to a nonprofit or charitable organization remotely, using the internet or other digital tools.

Video Teleconference

A technology-based method of communication that allows two or more locations to interact via live, visual connections.

Participation

The action of taking part in something, often referring to the involvement of individuals or communities in decision-making processes.