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Author Question: If a product's income elasticity of demand is 1.7, we can conclude that (Read 53 times)

Austinleez3

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on: Oct 12, 2022
If a product's income elasticity of demand is 1.7, we can conclude that
◦ the product is certainly a necessity.
◦ an increase in income will lead to an increase in quantity demanded of this product by 1.7%.
◦ the product is an inferior good.
◦ an increase in income will lead to an increase in demand for the product.
◦ a decrease in income will lead to an increase in demand for the product.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Austinleez3 on Oct 12, 2022

ellie

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Austinleez3

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

cpetit11

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Reply 3 on: Yesterday
Excellent

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