Question
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Suppose the income elasticity of demand for toys is +1.2. This...
Suppose the income elasticity of demand for toys is +1.2. This means that
Multiple Choice
- a 5 percent increase in income will increase the purchase of toys by 6 percent.
- a 5 percent increase in income will increase the purchase of toys by 4.17 percent.
- a 5 percent increase in income will decrease the purchase of toys by 4.17 percent.
- toys are an inferior good.
Answer & Explanation
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