A consumer's weekly income is $700, and the consumer buys 7 bars of chocolate per week. When weekly income increases to $850, the consumer buys 8 bars per week. The income elasticity of demand for chocolate by this consumer is about Multiple Choice 1.22 1.45. 0.69.

A consumer's weekly income is $700, and the consumer buys 7 bars of chocolate per week. When weekly income increases to $850, the consumer buys 8 bars per week. The income elasticity of demand for chocolate by this consumer is about Multiple Choice 1.22 1.45. 0.69.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...

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A consumer's weekly income is $700, and the consumer buys 7 bars of chocolate per week. When weekly income increases to $850, the consumer buys 8 bars per week. The income elasticity of demand for chocolate
by this consumer is about
Multiple Choice
1.22.
1.45.
0.69.

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