If the income elasticity for lobster is 0.4, a 40% increase in income will lead to a:
Note
If the income elasticity for lobster is 0.4, a 40% increase in income will lead to a 16% increase in demand for lobster.
If the income elasticity for lobster is 0.4, a 40% increase in income will lead to a 16% increase in demand for lobster.