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QUESTION
ses from $100,000 to $20,000 and his purchases of generic peanut butter increases from 0 to 10, what is his income elasticity of demand for this item?...
If Eric's annual income decreases from $100,000 to $20,000 and his purchases of generic peanut butter increases from 0 to 10, what is his income elasticity of demand for this item?
Question 28 options:
0.67
1.5
-0.67
-1.5
