Multiple Choice
Tonya consumes 40 steaks a year when her yearly income is $40,000. After her income falls to $35,000 a year, she consumes only 35 steaks a year. Calculate her income elasticity of demand for steaks.
A) -1
B) 1
C) -12.5
D) 12.5
Correct Answer:
Verified
Correct Answer:
Verified
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