EconomicsTheory of demandJAMB
When income rises from ₦100,000 to ₦120,000, demand for a good rises from 50 to 60 units. The income elasticity of demand is
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Answer: D. 1
%ΔQ = 20%, %ΔY = 20%, so YED = 1.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.