(Figure: Good Y and Good X V) in Panel (A)

question 34

Multiple Choice

(Figure: Good Y and Good X V) In panel (a) , the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b) , the consumer's income increased from $400 to $480.
Panel (a) Panel (b)

Using panel (b) , the income elasticity of demand for good X is _____.

• A) 1.43
• B) -1.43
• C) 0.7
• D) -0.7

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Definitions:

Autonomy

The degree of independence and freedom of choice an individual or entity has.

Confidence

The belief in one's abilities, qualities, and judgment.

Malpractice Insurance

A form of professional liability insurance that protects healthcare providers and other professionals against claims of improper practice or negligence.

Substandard Care

Substandard care refers to medical or health care that falls below the professionally accepted standards, often leading to harm or injury to patients.