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Mathematics, 07.04.2020 03:18, 9826zed
Suppose that when household income in a city rises by 2%, and the price of good X remains unchanged, the quantity demanded of good X decreases by 15%. Then, in this city, the income elasticity of demand for good X is (7.50, -7.50, -0.13, 0.13) , and you know that good X is (an inferior good, a normal good) .
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Suppose that when household income in a city rises by 2%, and the price of good X remains unchanged,...
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