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The Coyote Corporation, a large conglomerate, estimates that the income elasticity of demand is 1.3 for its paper products and 0.8 for its oil products.

The Coyote Corporation, a large conglomerate, estimates that the income elasticity of demand is 1.3 for its paper products and 0.8 for its oil products. Other things remaining the same, a given percentage decline in income should:

produce a bigger percentage decline in the demand for paper products than for oil products
produce a bigger percentage decline in the demand for oil products than for paper products
have the same percentage impact on both product groups
product a bigger percentage increase in the demand for paper products than for oil products
produce a bigger percentage increase in the demand for oil products than paper products.

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