Disneyland tickets have an income elasticity of 5.2. That means ________. Elastic; As real income increases by 1?
1) The demand for Disneyland tickets will increase by 5.2% as real income increases by 1%
2) The demand for Disneyland tickets will increase by 5.2 units as real income increases by 1 unit
3) The demand for Disneyland tickets will increase by 5.2 times as real income increases by 1 times
4) The demand for Disneyland tickets will increase by 5.2 as real income increases by 1