Business, 22.04.2020 04:08, wilkoASK2919

. The income elasticity of demand for medical care is 1.35. This implies that: a. if income decreases by 1%, the quantity demanded for medical care decreases by 1.35%. b. if the price of medical care increases by 1%, the quantity demanded for medical care decreases by 1.35%. c. if the income of the average consumer increases by 1 dollar, the quantity demanded for medical care will increase by 1.35 units of care. d. if income increases by 1%, the quantity demanded for medical care decreases by 1.35%.

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. The income elasticity of demand for medical care is 1.35. This implies that: a. if income decrease...