3. The quantity demanded of good X rises from 130 to 145 units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand for good X? 4. The quantity supplied of a good rises from 120 to 140 as price rises from $4 to $5.50. What is price elasticity of supply of the good?

3. The quantity demanded of good X rises from 130 to 145 units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand for good X? 4. The quantity supplied of a good rises from 120 to 140 as price rises from $4 to $5.50. What is price elasticity of supply of the good?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 4WNG: The quantity supplied of a good rises from 120 to 140 as price rises from 4 to 5.50. What is the...

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Question

3. The quantity demanded of good X rises from 130 to 145 units as income
rises from $2,000 to $2,500 a month. What is the income elasticity of
demand for good X?

4. The quantity supplied of a good rises from 120 to 140 as price rises from $4
to $5.50. What is price elasticity of supply of the good?

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