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Suppose the income elasticity of demand for toys is -1.5. This means that O Multiple Choice Book O a 10 percent increase in income will

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Suppose the income elasticity of demand for toys is -1.5. This means that O Multiple Choice Book O a 10 percent increase in income will decrease the purchase of toys by 15 percent. a 10 percent increase in income will decrease the purchase of toys by 67 percent O a 10 percent increase in income will increase the purchase of toys by 15 percent O toys are a normal good

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