2006
Economics
POST UTME
Suppose a consumer’s income increases from N30,000 to N36, 000. As a result the consumer increases her purchase of compact discs (CDS) from 25 CDS to 30CDS.What is consumer’s income elasticity of demand for CDS?
A.
0.5
B.
1,0
C.
1
D.
1.5
Correct Answer: 1,0
Explanation
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