An individual's income rises from $80,000 per year to $84,000 per year, and as a consequence the
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An individual's income rises from $80,000 per year to $84,000 per year, and as a consequence the per- son's purchases of movie downloads rise from 48 per year to 72 per year. What is this individual's income elasticity of demand?
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The income elasticity of demand is calculated by using the formula Income Elasticity of Demand Perce...View the full answer
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