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April 18, 2014

Homework Help: economics

Posted by jones on Tuesday, November 17, 2009 at 10:28pm.

suppose the income elasticity of demand for toys is +2.00. this means that a. a 10 percent increase in income will increase the purchase of toys by 20 percent b. a 10 percent increase in income will increase the purchase of toys by 2 percent c. a 10 percent increase in income will decrease the purchase of toys by 2 percent d. toys are an inferior good.

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