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The income elasticity of demand for a food is unity. a consumer's monthly income is $2,000, of which 20 percent is spent on food. if income doubles, the amount spent on food will be:
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The income elasticity of demand for a food is unity. a consumer's monthly income is $2,000, of which 20 percent is spent on food. if income doubles, the amount spent on food will be:

User Musicmatze
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Obviously, it becomes half so it'll be 10%
Forgive me if its wrong. im answering as best as i can.
User Pravi
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