jmascar3873 jmascar3873
  • 13-03-2024
  • Business
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Suppose the income elasticity of demand for a good is 0.35. If the average household income in your market goes up by 5%, what would we expect regarding the quantity demanded of good X?
a) Increase by 1.75%
b) Decrease by 1.75%
c) Increase by 5%
d) Decrease by 5%

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