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primewire primewire
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2 years ago
If the income elasticity of demand for some good is 2.4, a 10% increase in income results in

▸ a 24% increase in the quantity demanded.

▸ a 24% decrease in quantity demanded.

▸ a 240% decrease in quantity demanded.

▸ a 240% increase in the quantity demanded.

▸ a 2.4% increase in the quantity demanded.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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meowkitty813meowkitty813
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