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PaulKet PaulKet
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6 years ago
If the income elasticity of potatoes is -0.7, then the income effect caused by a price decrease of potatoes
A) tends to increase the consumption of potatoes.
B) tends to decrease the consumption of potatoes.
C) is less than the substitution effect.
D) None of the above.
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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SaHiN22SaHiN22
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6 years ago
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