Suppose the Income Elasticity of Demand for Used Jet Skis

question 47

Multiple Choice

Suppose the income elasticity of demand for used jet skis is 3.5.If the level of income decreases by 1 percent,the number of used jet skis sold will,ceteris paribus,

• A)Rise by 0.29 percent.
• B)Rise by 3.5 percent.
• C)Fall by 0.29 percent.
• D)Fall by 3.5 percent.

---

Definitions:

Decision Makers

Individuals or groups responsible for making choices that will impact themselves or others in a business or organizational context.

Business Message

Information communicated in a professional setting, aimed at achieving a specific business objective.

Direct Approach

A straightforward method of communication or problem solving that involves addressing an issue or task head-on.

Receptive

Open and willing to consider or accept new suggestions or ideas.