question archive Peter's income is $10,000/month and he consumes 10 steaks a month
Peter's income is $10,000/month and he consumes 10 steaks a month
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Peter's income is $10,000/month and he consumes 10 steaks a month. When he gets a raise of 10%, his consumption increases to 12 steaks a month. What is his income elasticity of demand?
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