Question
Suppose that after hurricaneIrene, the average income in CapeCharles, Virginia decreased by 14 percent. In response to this change inincome, suppose the quantity of steak
Suppose that after hurricaneIrene, the average income in CapeCharles, Virginia decreased by 14
percent. In response to this change inincome, suppose the quantity of steak demanded in Cape Charles(holding the price of steakconstant) decreased by 4
percent. What is the income elasticity of demand for steak in CapeCharles?
The income elasticity of demand for steak in Cape Charles is
nothing
. (Enter your response rounded to two decimalplaces.)
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Business Law
Authors: Henry Cheeseman
8th Edition
0133130649, 9780133130645
