Multiple Choice
If a 10 percent increase in income induced a group of consumers to reduce their yearly purchases of potatoes by 5 percent, for these consumers,
A) the income elasticity of potatoes equals approximately 1.05.
B) the income elasticity of potatoes is 0.5.
C) potatoes are a luxury good.
D) potatoes are an inferior good.
Correct Answer:
Verified
Correct Answer:
Verified
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