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Steven's income decreased from $1,800 a month to $1,200 a month when he went back to school. As a result, he cut back on trips

Steven's income decreased from $1,800 a month to $1,200 a month when he went back to school. As a result, he cut back on trips to his favorite gyro stand, from 15 to 10.

What is Steven's income elasticity?

  • -.67
  • .33
  • -1.33
  • 1.0

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