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Assume the income elasticity for a Louis Vuitton bag is equal to 2.7 then this means that
a. if income increases by 10%, then the demand for the Louis Vuitton bag will increase by 27%. b. if income increases by $10 then the demand for the Louis Vuitton bag will increase by 27$. c. if income increases by 27%, then the demand for the Louis Vuitton bag will decrease by 10%. d. if income increases by 10%, then the demand for the Louis Vuitton bag will decrease by 27%.
Sagot :
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