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Question
The income-elasticity coefficient for Zulu doll is 1.2, which means the demand for Zulu doll will ________.A) increase 1.2 percent for every 1.0 percent increase in income
B) decrease 1.0 percent for every 1.2 percent increase in income
C) decrease 1.2 percent for every 1.0 percent increase in income
D) remain stagnant since 1.2 is the equilibrium value
Answer
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