Answered

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Assume the income elasticity for a Louis Vuitton bag is equal to 2.7 then this means that

a. if income increases by 10%, then the demand for the Louis Vuitton bag will increase by 27%.
b. if income increases by $10 then the demand for the Louis Vuitton bag will increase by 27$.
c. if income increases by 27%, then the demand for the Louis Vuitton bag will decrease by 10%.
d. if income increases by 10%, then the demand for the Louis Vuitton bag will decrease by 27%.

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