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Quantity of steak demanded

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Reference no: EM132268247

Suppose that after a hurricane, average income in Cape C. Virginia decreased by 14%. in response to this change, quantity of steak demanded decreased by 18%.

What is the income elasticity of demand for steak in Cape C.?

in this instance, steak is?

(normal and luxury or inferior or normal and necessity?

Reference no: EM132268247

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