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Question
Chadʹs income went from $1000 per week to $1500 per week. As a result he increased his consumption of steak from 1 pound a week to 3 pounds a week. Based on his consumption patterns, the income elasticity of steak for Chad is
A) 2.50.
B) -.50.
C) .50.
D) -1.50.
Answer
This answer is hidden. It contains 1 characters.
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