Question: In words. what does it mean when an economic consultant states: Kevin's income elasticity of red wine is equal to 6? Select one: *- O

In words. what does it mean when an economic consultant states: Kevin's income elasticity of red wine is equal to 6? Select one: *- O a. If Kevin's quantity demanded of red wine increases by 1 percent, then his income increases by 6 percent. 0 b. If Kevin's income increases by 1 percent. then his quantity demanded of red wine will increase by 6 p n his quantity demanded of red wine decreases by 1 percent. ercent. O c. if Kevin's income increases by 6 percent, the 0 d. if Kevin's quantity demanded of red wine increases by 1 percent, then his income decreases by 6 percent
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