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If consumers always spend 15 percent of their income on food, then the income elasticity of demand for food is
O a. 0.15
O b. 1.00
O C. 1.15.
O d. 1.50.
O e. none of the above.

Respuesta :

The income elasticity of demand for food is 1.

What is income elasticity of demand?

The income elasticity of demand measures how quantity demanded changes when income changes.

income elasticity of demand = percentage change in quantity demanded / percentage change

When income elasticity of demand is one, it means that the good has a constant demand regardless of changes in income.

To learn more about elasticity of demand, please check: https://brainly.com/question/18850846

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