Question: 8. Say this is what we observe. When average consumer income goes up by 5%, the total quantity of good 1 demanded goes up by

8. Say this is what we observe. When average consumer income

8. Say this is what we observe. When average consumer income goes up by 5%, the total quantity of good 1 demanded goes up by 2%. What is the elasticity of the market demand for good 1 with respect to average consumer hicome

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