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Elasticity of demand for housing property

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Imagine the income elasticity of demand for housing property in 2008-09 was exactly 1.40. Due to the Great Recession, we observed incomes dropping by 5% in 2009. How did consumers adjust their purchases (quantity demanded) for housing property? 

  • They bought 5% more houses
  •  They bought 15% more houses
  • They bought 7% more houses
  • They bought 5% less houses
  • They bought 7% less houses

Reference no: EM131831399

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