Multiple Choice
When Logan earned $1,000 per week, he purchased 5 karate lessons and 40 gallons of gasoline. When his earnings increased to $1,100 per week, he purchased 6 karate lessons and 43 gallons of gasoline. The income elasticity of karate lessons and gasoline are _____ and _____, respectively.
A) 0.50; 1.33
B) 0.10; 1.6
C) 2.00; 0.75
D) 0.85; 0.15
Correct Answer:
Verified
Correct Answer:
Verified
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