Multiple Choice
A consumer's weekly income is $300, and the consumer buys 5 bars of chocolate per week. When income increases to $330, the consumer buys 6 bars per week. The income elasticity of demand for chocolate by this consumer is about
A) 0.
B) 0.5.
C) 1.
D) 2.
Correct Answer:
Verified
Correct Answer:
Verified
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