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The formula for calculating the income elasticity of demand is______: a.Percentage change in quantity demanded divided by percentage change in price b.New quantity demanded minus

The formula for calculating the income elasticity of demand is______:

a.Percentage change in quantity demanded divided by percentage change in price

b.New quantity demanded minus old quantity demanded divided by old quantity demand divided by new income minus old income divided by old income

c.Percentage change in quantity demanded divided by percentage change in price of other related good

d.Percentage change in quantity demanded divided by percentage change in income elasticity of demand for normal good

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