Multiple Choice
What is the correct equation for the income elasticity of demand (Ye) ?
A) Ye = percentage change in demand for good 1/percentage change in demand for good 2
B) Ye = percentage change in demand for good 1/percentage change in price for good 2
C) Ye = percentage change in quantity demanded/percentage change in income
D) Ye = percentage change in income/percentage change in quantity demanded
Correct Answer:
Verified
Correct Answer:
Verified
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