If a 10 percent increase in income induced a group of consumers to reduce their yearly purchases of fast food by 20 percent, for these consumers, the income elasticity of demand for fast food is 0.5 O fast food is considered an inelastic good fast food is considered an inferior good all of the answer choices are correct.

If a 10 percent increase in income induced a group of consumers to reduce their yearly purchases of fast food by 20 percent, for these consumers, the income elasticity of demand for fast food is 0.5 O fast food is considered an inelastic good fast food is considered an inferior good all of the answer choices are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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