Question

economists have estimated an income elasticity for sourdough bread (from the farmer's market) to be -1.2. therefore, an increase in income in an area will cause the price of this good to , the quantity to , and overall spending on this good to . group of answer choices increase, decrease, uncertain. increase, increase, increase. decrease, increase, uncertain. decrease, decrease, decrease.

Answer 1

increase, increase,

Step-by-step explanation:

decrease, uncertain. increase, increase, increase. decrease, increase, uncertain. decrease, decrease, decrease.