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Janice Earns an Income of $2,000 a Week and Goes

Question 364

Multiple Choice

Janice earns an income of $2,000 a week and goes out to lunch 3 times a week. If her income increased to $2,100 she would go out to lunch 4 times a week. Compute Janice's income elasticity of demand.


A) 0.17
B) 5.86
C) 7
D) 100

Correct Answer:

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