Question
In 1980, as the annual per capita income among a particular segment of the population increased from $20,000 to $22,000, everything else remaining constant, annual
In 1980, as the annual per capita income among a particular segment of the population increased from $20,000 to $22,000, everything else remaining constant, annual per capita spending at restaurants increased from $1000 to $1200. This implied an income elasticity of demand for restaurant dining of: a. -0.5. b. 0.5 c. -2.0. d. 2.0 e. 1.0.
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
