Multiple Choice
Suppose the income elasticity of demand for used jet skis is 3.5.If the level of income decreases by 1 percent,the number of used jet skis sold will,ceteris paribus,
A) Rise by 0.29 percent.
B) Rise by 3.5 percent.
C) Fall by 0.29 percent.
D) Fall by 3.5 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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