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May 23, 2015

Homework Help: home economics

Posted by Shar on Wednesday, February 19, 2014 at 2:53pm.

Becky really likes Macaroni Grill but can only afford to eat out 4 times a year. Her boss gives small raises, so this year she receives 4% raise. She decides that a 4% raise is enough to warrant going out 1 more trip per year to Marconi girl. Calculate for restaurants the income elasticity of demand?

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