Question: Assume you earn $ 75,000 7 5 , 0 0 0 a year and a product Y costs you $ 25 2 5 a year.

Assume you earn $75,00075,000 a year and a product Y costs you $2525 a year. This indicates that the demand for the product Y is likely to be:

a.. elastic

b inelastic 

c.. perfectly inelastic.

d perfectly elastic

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