Correct Answer: Option A

Explanation

Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income. 

percent change in quantity demanded = 120 - 80 = 40
\(\frac{40}{80}\) = 0.5

percent change in income = 4000 - 2000 = 2000
\(\frac{2000}{2000}\) = 1

Income elasticity of demand = \(\frac{0.5}{1}\) = 0.5

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