Multiple Choice
If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of demand for housing is
A) -1.
B) -0.7.
C) 0.7.
D) 1.43.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q95: When the price of coffee increases 5%,
Q96: In output markets, the elasticity of supply
Q97: A perfectly price elastic demand curve will
Q98: The income elasticity of demand for education
Q99: Refer to the information provided in Figure
Q101: The owner of a local pretzel cart
Q102: Refer to the information provided in Figure
Q103: Refer to the information provided in Figure
Q104: A demand curve with continuously changing slope
Q105: When the price of fresh fish increases