Attina's sister, Aquata always spends 20% of her income on boots. Assume that her income increases by some percentage while the price of boots remains constant (and that all boots cost the same). What is her income elasticity of demand for boots? 0.2 need more information to tell 0 1

Attina's sister, Aquata always spends 20% of her income on boots. Assume that her income increases by some percentage while the price of boots remains constant (and that all boots cost the same). What is her income elasticity of demand for boots? 0.2 need more information to tell 0 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Attina's sister, Aquata always spends 20% of her income on boots. Assume that her income increases
by some percentage while the price of boots remains constant (and that all boots cost the same).
What is her income elasticity of demand for boots?
O
0.2
need more information to tell
0
1

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