Multiple Choice
If income falls 4 percent for a year and as a result the quantity of new homes demanded falls from 23 million to 20 million units for the year,the value of the income elasticity of demand for new homes is closest to
A) 0.6.
B) 1.8.
C) 2.9.
D) 3.5.
Correct Answer:
Verified
Correct Answer:
Verified
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