Holly, Brian, Fred, Tracy, and Melanie have income elasticities for veggie burgers as given below:
Person Income elasticity of demand
Tracy 2
Brian 1
Fred -0.75
Holly 0.1
Melanie -1.5
Who would respond the least in their purchase of veggie burgers in response to an increase in income?
Holly's demand is the most inelastic, so she would respond the least. It is the magnitude of the elasticity that matters for how much demand changes, not the sign of the elasticity.
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