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Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 14 14 percent.

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Suppose that after hurricane​ Irene, the average income in Cape​ Charles, Virginia decreased by 14

14 percent. In response to this change in​ income, suppose the quantity of steak demanded in Cape Charles​ (holding the price of steak​ constant) decreased by 16

16 percent. What is the income elasticity of demand for steak in Cape​ Charles?

 
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