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CIE · IGCSE · Economics

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Topic: Income elasticity of demand: concept, calculation and implications. Pick an answer — get the mark scheme instantly.

Question · Difficulty 2/3

The government of Vietnam is forecasting economic growth of 6% next year. An economic research institute has calculated that the income elasticity of demand for domestic air travel is +1.5. By what percentage is demand for domestic air travel expected to change?

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