Solved

Last Year When John Graduated and Received a 20 Percent

Question 191

Multiple Choice

Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is


A) 0.50.
B) -0.50.
C) 5.00.
D) -5.00.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q186: What is the price elasticity of demand

Q187: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above figure

Q188: Netflix is the largest online streaming service.

Q189: Which of the following represents a price

Q190: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The above table

Q192: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The table above

Q193: An increase in subway fares in New

Q194: Demand is price inelastic if a relatively

Q195: Suppose Clyde always eats ice cream and

Q196: If a price decrease results in your