What is the elasticity of expenditure with respect to income when the household weekly income level is
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Question:
What is the elasticity of expenditure with respect to income when the household weekly income level is $1,000 in the following model? where y is household weekly food expenditure in dollars and x is household weekly income in hundred dollars. Note: Evaluate the elasticity at the expected value of y when income is $1000.
Select one:
a. 0.964
b. 0.731
c. 0.214
d. 0.996
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