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Suppose the income elasticity of demand for toys is +1.2. This...

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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.

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Answered by ptertwiri on coursehero.com
  • sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq

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Step-by-step explanation

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellente

sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis.
sectetur adipiscing elit.
sectetur adipiscing elit. Nam
sectetur adipiscing elit. Na

sectetur adipiscing

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