4204EconomicsMedium
If consumers always spend 15 percent of their income on food. then the income elasticity of demand for food is?
A1.00
B1.50
C1.15
Dnone of these
E0.15
Correct answer
A. 1.00
Explanation
The correct answer is 1.00.
Correct answer
A. 1.00
Explanation
The correct answer is 1.00.
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