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nakungth nakungth
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6 years ago
For U.S. consumers, the income elasticity of demand for fruit juice is 1.1.  If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year?
A) -2.75%
B) +2.75%
C) -27.5%
D) +27.5%
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
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CanihCanih
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#1
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6 years ago
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nakungth Author
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#2
6 years ago
Thanks, very pleased with your answer
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