question archive If the income elasticity of demand for some good is 1
If the income elasticity of demand for some good is 1
Subject:EconomicsPrice:2.88 Bought3
If the income elasticity of demand for some good is 1.6, a 14 percent increase in income results in:
A. a 22.4 percent increase in the quantity demanded.
B. a 224 percent decrease in quantity demanded.
C. a 224 percent increase in the quantity demanded.
D. 22.4 percent decrease in quantity demanded.
E. 1.6 percent increase in the quantity demanded.
Option 1
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