If an increase in income by 15 per cent results in a 45 per cent increase in the quantity demanded, what is the income elastic of the good?
A) 3/2
B) 3
C) 1/2
D) 1/3
E) None of the above
Correct Answer:
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Q1: A company that supplies water to a
Q2: Consider a market with a demand curve
Q3: Which statement is true?
A)The cross-price elasticity of
Q4: Consider a market with a demand curve
Q5: A company that supplies water to a
Q6: If the quantity supplied increases from 100
Q8: Which statement is true?
A)The price elasticity of
Q9: The quantity demanded increases from 20 to
Q10: What is the price elasticity of supply
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