Multiple Choice
Nicole's income elasticity of demand for hats is 1.5. All else equal, this means that if her income increases by 20 percent, she will buy
A) 150 percent more hats.
B) 50 percent more hats.
C) 30 percent more hats.
D) 20 percent more hats.
Correct Answer:
Verified
Correct Answer:
Verified
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