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Fred's Income Has Just Risen from $940 Per Week to $1,060

Question 174

Multiple Choice

Fred's income has just risen from $940 per week to $1,060 per week. As a result, he decides to purchase 9 percent more steak per week. The income elasticity of Fred's demand for steak is


A) 0.75.
B) 0.90.
C) 1.00.
D) 1.33.

Correct Answer:

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