Business, 04.10.2019 21:20, maxraph108

The income elasticity of demand refers to a. the change in income required for quantity demanded to change by 1%. b. the substitution of one good for another as income changes. c. a change in income following a change in quantity demanded. d. the percentage change in quantity demanded resulting from a 1 percent increase in income.

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The income elasticity of demand refers to a. the change in income required for quantity demanded to...