Multiple Choice
The income elasticity of demand for eggs has been estimated to be 0.57.If income grows by 5 percent in a period, how will that affect demand for eggs in that period, all other things unchanged?
A) demand will increase by more than 5.7 percent
B) demand will increase by about 2.9 percent
C) demand will decrease by more than 5.7 percent
D) demand will decrease
Correct Answer:
Verified
Correct Answer:
Verified
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