Suppose Jin loses his present job and his monthly income falls from $10,000 to $6000, while...

Suppose Jin loses his present job and his monthly income falls from $10,000 to $6000, while his monthly purchases of good X increase from 200 to 400. What is his income elasticity of demand for good X?

+1.33.
-1.33.
+1.50.
-1.50.
None of the above.

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Rahul Sunny answered 1 year ago

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