The income elasticity of demand for houses

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Reference no: EM13896785

As income levels rose moderately last year in the San Jose area, it was observed by local realtors that housing sales increased substantially. It is clear from this information that, everything else held constant, the income elasticity of demand for houses is _____.

a. negative and relatively high

b. negative and relatively low

c. positive and relatively high

d. positive and relatively low

e. neither positive nor negative

Reference no: EM13896785

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