Answered: Calculate income elasticity demand

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Economics

Calculate income elasticity demand

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 8E

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Mr. Rashid’s salary is 1250 riyal and he demanded 300 units of potatoes, after a period of time his salary has increased to 1550 riyal and the demand for potatoes decreased to 225 units. Calculate income elasticity demand

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