If a 10 percent increase in income causes the number of students who choose to attend private
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If a 10 percent increase in income causes the number of students who choose to attend private universities to go up by 5 percent, what is the income elasticity of demand for private universities?
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Income elasticity of demand measures the responsiveness of the quantity demanded of a good to ...View the full answer
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Related Book For
Principles Of Microeconomics
ISBN: 9780073517858
6th Edition
Authors: Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
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