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Duke Increased His Spending on Steak from $7 to $11

Question 236

Multiple Choice

Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his


A) income elasticity of demand for steak is 1.37.
B) price elasticity of demand for steak is 1.37.
C) income elasticity of demand for steak is 3.7.
D) price elasticity of demand for steak is 3.7.

Correct Answer:

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