Multiple Choice
When Tim earned $65,000 he purchased 10 novels a year. His income has just increased to $68,000 and he plans to purchase 15 novels this year. Tim's income elasticity of demand for novels equals
A) 0.
B) 0.11.
C) 1.67.
D) 8.87.
Correct Answer:
Verified
Correct Answer:
Verified
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