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If the average family income rises from $30,000 per year to $40,000 per year, the family's average purchase of toilet paper rises from 100 rolls
If the average family income rises from $30,000 per year to $40,000 per year, the family's average purchase of toilet paper rises from 100 rolls to 105 rolls per year.
Instructions:Round your answer to two decimal places.
a. The incomeelasticity of demand for toilet paper is.
b. Toilet paper is
(Click to select)
an inferior good
a normal good
.
c. The demand for toilet paper is
(Click to select)
income-elastic
income-inelastic
.
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