question archive Imagine the income elasticity of demand for housing property in 2008-09 was exactly 1
Imagine the income elasticity of demand for housing property in 2008-09 was exactly 1
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Imagine the income elasticity of demand for housing property in 2008-09 was exactly 1.40. Due to the Great Recession, we observed incomes dropping by 5% in 2009. How did consumers adjust their purchases (quantity demanded) for housing property?
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