Multiple Choice
Scenario 5.1 The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2Px.Assume that P = $8,I = 200,and Px = $10.
-Given the above equation,the income elasticity of demand for noodles is _____.
A) 5
B) 0.5
C) 2
D) 2.5
E) 1.6
Correct Answer:
Verified
Correct Answer:
Verified
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