Multiple Choice
Howard buys 5 suits a year when he earns $70,000.When his income increases to $200,000,he buys 15 suits a year.From the midpoint method,his income elasticity of demand for suits is
A) 1.04.
B) 0.96.
C) -1.04.
D) -0.96.
E) 0.08.
Correct Answer:
Verified
Correct Answer:
Verified
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