Let Ed_GIrefer to the income elasticity for gasoline.Suppose Ed_GI= 2; then this means that if income A)increases by 2 percent,Qd_Gwill increase by 1 percent. B)decreases by 1 percent,Qd_Gwill decrease by 2 percent. C)increases by $1,Qd_Gwill decrease by 2 percent. D)decreases by 2 percent,Qd_Gwill decrease by 1 percent.

Question

Quizplus · Accepted Answer

The Answer of Let Ed_GIrefer to the income elasticity for gasoline.Suppose Ed_GI= 2; then this means that if income A)increases by 2 percent,Qd_Gwill increase by 1 percent. B)decreases by 1 percent,Qd_Gwill decrease by 2 percent. C)increases by $1,Qd_Gwill decrease by 2 percent. D)decreases by 2 percent,Qd_Gwill decrease by 1 percent.

Let EdGI refer to the Income Elasticity for Gasoline

Let Ed_GIrefer to the Income Elasticity for Gasoline