With an income of ( $ 37,500 ), a household spends ( $ 240 ) each year on Ramen noodles. With an income of ( $ 42,500 ), the household spends ( $ 160 ) on Ramen noodles. What is the best estimate of the elasticity of Ramen noodles with respect to income? a. ( -3.2 ) b. ( 1.2 ) c. ( 3.2 ) d. ( 1.6 ) e. ( -1.6 )

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With an income of  (  $ 37,500  ), a household spends  (  $ 240  ) each year on Ramen noodles. With an income of  (  $ 42,500  ), the household spends  (  $ 160  ) on Ramen noodles. What is the best estimate of the elasticity of Ramen noodles with respect to income? a.  ( -3.2  ) b.  ( 1.2  ) c.  ( 3.2  ) d.  ( 1.6  ) e.  ( -1.6  )

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