1) When income increases from $80000 to $81000, the quantity demand of good A increases from 3000 to 3050. The income elasticity of demand for good A is _____________.
1) When income increases from $80000 to $81000, the quantity demand of good A increases from 3000 to 3050. The income elasticity of demand for good A is _____________.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...
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1) When income increases from $80000 to $81000, the quantity
2) If the price rises by 20% and quantity demanded falls by 40%, the coefficient of price elasticity of demand is ________.
3) If income elasticity for negative for used cars, other things constant, used cars an inferior good. TRUE OR FALSE
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