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Eieio Eieio
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7 months ago

If income elasticity of demand for food is 1.55 it follows that



▸

a 10 percent rise in the price of food lowers the quantity demanded of food by 15.5 percent.



▸

if income rises by 10 percent, consumption of food rises by 15.5 percent.



▸

if income rises by 10 percent, consumption of food falls by 15.5 percent.



▸

a 1 percent rise in the price of food decreases the quantity demanded of food by 1.55 percent.



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
Author:
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annalassannalass
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#1
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7 months ago
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Eieio Author
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7 months ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
lubennick
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Yesterday
Good timing, thanks!
kc123
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2 hours ago
Correct Slight Smile TY
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