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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does an income elasticity of demand of 1.33 mean?

To determine

The income elasticity of demand.

Explanation

Income elasticity of demand indicates the responsiveness of demand to the change in income. If the income elasticity of demand is positive, then the good is a normal good. Thus, an increased income leads to a higher demand. Therefor, an income elasticity of 1...

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