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If consumers always spend 15 percent of their income on food. then the income elasticity of demand for food is ?
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If consumers always spend 15 percent of their income on food. then the income elasticity of demand for food is ?
A. 1.50
B. 1.15
C. none of these
D. 0.15
E. 1.00
Correct Answer:
1.00
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Last Updated:
June 11, 2019