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Business, 06.11.2019 21:31 odriskel49
If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the triple sevens rises from 300 rooms per night to 350 rooms per night. therefore, the income elasticity of demand is positive , meaning that hotel rooms at the triple sevens area normal good .
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If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of room...
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