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A Consumer's Weekly Income Is $550, and the Consumer Buys

Question 159

Multiple Choice

A consumer's weekly income is $550, and the consumer buys 9 bars of chocolate per week. When weekly income increases to $600, the consumer buys 10 bars per week. The income elasticity of demand for chocolate by this consumer is about


A) 1.82.
B) 0.83.
C) 1.
D) 1.21.

Correct Answer:

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