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-The Increase in the Demand for Widgets, Shown in the Figure

Question 125

Multiple Choice

-The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is A) 0.25. B) 0.75. C) 1.33. D) 4.00.
-The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is


A) 0.25.
B) 0.75.
C) 1.33.
D) 4.00.

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