Question
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?
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
