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Lauren1 Lauren1
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Posts: 4120
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9 years ago
The income elasticity of demand for restaurant meals is 1.61. So,
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent.
B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent.
C) restaurant meals are an income elastic normal good.
D) Both answers B and C are correct.
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MrDerecheMrDereche
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9 years ago
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Lauren1 Author
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#2
9 years ago
Thank you, this really, really helps Heavy Heart
wrote...
#3
9 years ago
You're welcome!
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