Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 18% percent
Question
Suppose that after hurricane Irene, the average
income in Cape Charles, Virginia decreased by 18% percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steakconstant) decreased by 14% percent. What is the income elasticity of demand for steak in Cape Charles?
The income elasticity of demand for steak in Cape Charles is ?
(Enter your response rounded to two decimal places.)
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