If income rises from N2000 to N4000 and quantity demanded increase from 80 units to
ECONOMICS
JAMB 2008
If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand
- A. 0.5
- B. 1.2
- C. 2.5
- D. 4.0
Correct Answer: A. 0.5
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