A weekly income of a clerk was increased from N100 to N125 as a result of his promotion in the office. He is able to purchase 300 leaves of bread instead of 200 per week (1) Calculate the co-efficient of his income elasticity of demand. (2) Is the demand elastic or inclastic? Why? (3) What kind of goods is bread to the consumer?
A weekly income of a clerk was increased from N100 to N125 as a result of his promotion in the office. He is able to purchase 300 leaves of bread instead of 200 per week (1) Calculate the co-efficient of his income elasticity of demand. (2) Is the demand elastic or inclastic? Why? (3) What kind of goods is bread to the consumer?
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...
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A weekly income of a clerk was increased from N100 to N125 as a result of his promotion in the office. He is able to purchase 300 leaves of bread instead of 200 per week (1) Calculate the co-efficient of his income elasticity of
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