Consider two lottery winners, Tino who is 65 years old and Sasha who i
Consider two lottery winners, Tino who is 65 years old and Sasha who is 32 years old. Which of these two would be expected to have the larger income effect, all else equal?
A) Sasha
B) Tino
C) Both would have no income effect.
D) Both would have equal income effects.
ANSWER
B
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