An individual reacts to a 5% increase in the price of good X by increasing the proportion of his income that he spends on good X from 2% to 3%.
If there are no other changes, what can be concluded from this about the individual’s demand for good X?
1 )
It is income-elastic.
2 )
It is income-inelastic.
3 )
It is price-elastic.
It is price-inelastic.
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