Multiple Choice
assume that the income is $10,000, the price of the related good is $40, and Conlan chooses to set the price of this product at $30.
-At the prices and income given above, what is the income elasticity?
A) -1.62
B) -0.87
C) 0.21
D) 0.31
E) 1.50
Correct Answer:
Verified
Correct Answer:
Verified
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