question archive Suppose a consumer's income increases from $60,000 to $66,000
Suppose a consumer's income increases from $60,000 to $66,000
Subject:EconomicsPrice:2.88 Bought3
Suppose a consumer's income increases from $60,000 to $66,000. As a result, the consumer increases her purchases of compact disks (CDs) from 50 CDs to 60 CDs. What is the consumer's income elasticity of demand for CDs?
a. -1.5
b. 1.9
c. -1.9
d. 1.5
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