question archive Assume that the price and income elasticities of demand for luxury cars are EpEp = -1
Assume that the price and income elasticities of demand for luxury cars are EpEp = -1
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Assume that the price and income elasticities of demand for luxury cars are EpEp = -1.03 and EyEy = 2.7, respectively. In the coming year, car prices are expected to rise by 1.8 percent and income by 7 percent. Based on this information, sales of cares are expected to do what? Explain.
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