Use the table below to answer the following question.
Table 4.2.1
-Consider the information in Table 4.2.1. Select the best statement.
A) The income elasticity of demand is -2.5.
B) The income elasticity of demand is 2.5.
C) The income elasticity of demand is -3.33.
D) The income elasticity of demand is 3.33.
E) We cannot calculate the income elasticity of demand because both income and price are changing at the same time.
Correct Answer:
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