Multiple Choice
The income elasticity of demand for eggs has been estimated to be 0.57.If income grows by 5% in a period,all other things unchanged,demand will:
A) increase by more than 5.7%.
B) increase by about 2.9%.
C) decrease by more than 5.7%.
D) decrease by less than 5.7%.
Correct Answer:
Verified
Correct Answer:
Verified
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