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simmiie259 simmiie259
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2 years ago
If the income elasticity of demand for a good is -3.4, a 25% increase in income results in

▸ an 8.5% decrease in quantity demanded.

▸ a 0.85% increase in quantity demanded.

▸ an 85% decrease in the quantity demanded.

▸ a 4% increase in quantity demanded.

▸ There is not enough information to answer this question.
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Microeconomics

Microeconomics


Edition: 17th
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romeo_izzy13romeo_izzy13
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2 years ago
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You make an excellent tutor!
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this is exactly what I needed
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Thanks
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