Multiple Choice
Gary consumes 10,000 kilowatt-hours of electricity when his income is $500.When his income increases to $1,000,his consumption of electricity increases to 18,000 kilowatt-hours.What is Gary's income elasticity of demand for electricity?
A) 0.5
B) 0.8
C) 1.8
D) 2
Correct Answer:
Verified
Correct Answer:
Verified
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