(Answered) James income elasticity for Big Macs

Economics

Problem: Suppose LeBron James buys 4 Big Macs and 6 pizzas per week when his income is $4000/week. When his income changes to $6000/week, he buys 8 Big Macs and 2 Pizzas/week. Based on this data, we can concluded that James income elasticity for Big Macs is:

0.6
1.67
3.5
Zero

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Macroeconomics, Economics

Category:- Macroeconomics
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