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Baradar Baradar
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2 years ago
If the income elasticity of demand for a good is 0.75, a 25% increase in income results in

▸ a 0.1875% increase in quantity demanded.

▸ a 3% increase in quantity demanded.

▸ a 3% decrease in quantity demanded.

▸ an 18.75% increase in quantity demanded.

▸ There is not enough information to answer.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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schmienceschmience
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#1
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2 years ago
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Baradar Author
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2 years ago
You make an excellent tutor!
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ky
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Thank you, thank you, thank you!
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