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Reta's Income Elasticity of Demand for Steak Dinners Is 1

Question 218

Multiple Choice

Reta's income elasticity of demand for steak dinners is 1.50.All else equal,this means that if her income increases by 20 percent,she will buy

A) 150 percent more steak dinners.
B) 50 percent more steak dinners.
C) 30 percent more steak dinners.
D) 20 percent more steak dinners.

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