Multiple Choice
What is the formula used to calculate income elasticity?
A) Change in income divided by change in quantity.
B) Percentage change in income divided by percentage change in quantity.
C) Change in quantity divided by change in income.
D) Percentage change in quantity divided by percentage change in income.
E) Percentage change in price divided by percentage change in income.
Correct Answer:
Verified
Correct Answer:
Verified
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