Business, 04.11.2019 22:31 choiboiqg5755

Assume that demand for a service depends upon price and income, where the price elasticity of demand is ep = –0.6 and income elasticity is ey = 1.2. if price falls by 4% and income rises by 2%, the quantity demanded of the service will
(a)-falls by 2.4%
(b)-falls by 9.6%
(c)-not affected since the price change and income change will exactly offset one another.
(d)-increase by 6%
(e)-increase by 4.8%

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Assume that demand for a service depends upon price and income, where the price elasticity of demand...

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