Reta's income elasticity of demand for steak dinners is 1.50.All else equal,this means that if her income increases by 20 percent,she will buy
A) 150 percent more steak dinners.
B) 50 percent more steak dinners.
C) 30 percent more steak dinners.
D) 20 percent more steak dinners.

Question

Quizplus · Accepted Answer

The Answer of Reta's income elasticity of demand for steak dinners is 1.50.All else equal,this means that if her income increases by 20 percent,she will buy
A) 150 percent more steak dinners.
B) 50 percent more steak dinners.
C) 30 percent more steak dinners.
D) 20 percent more steak dinners.

Reta's Income Elasticity of Demand for Steak Dinners Is 1