question archive The income elasticity of demand for automobiles in the United States was estimated by a government agency to be between 2
The income elasticity of demand for automobiles in the United States was estimated by a government agency to be between 2
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The income elasticity of demand for automobiles in the United States was estimated by a government agency to be between 2.5 and 3.9.
a) What does this mean?
b) If incomes rise by 10 percent, what happens to the purchase of automobiles?
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