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27. If the income elasticity of demand for a good is 5.0, what would result from a 10 percent increase in price? a. a 5

27. If the income elasticity of demand for a good is 5.0, what would result from a 10 percent increase in price?

a. a 5 percent decrease in the quantity demanded

b. a 50 percent increase in the quantity demanded

c. a 50 percent decrease in the quantity demanded

d. none of the above

What is the answer and why?

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