Consider a consumer called Aphrodite who is a student at the University of Toronto. Aphrodite's weekly income is $300 and she buys 5 bars of chocolate per week. When Aphrodite's income increases $330, she buys 6 bars per week. The income elasticity of demand for chocolate (using the midpoint formula) by this consumer is about: Multiple Choice .5. 2.
Consider a consumer called Aphrodite who is a student at the University of Toronto. Aphrodite's weekly income is $300 and she buys 5 bars of chocolate per week. When Aphrodite's income increases $330, she buys 6 bars per week. The income elasticity of demand for chocolate (using the midpoint formula) by this consumer is about: Multiple Choice .5. 2.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...
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Transcribed Image Text:Consider a consumer called Aphrodite who is a student at the University of Toronto. Aphrodite's weekly income is $300 and she buys 5 bars of chocolate per week. When Aphrodite's income increases
$330, she buys 6 bars per week. The income elasticity of demand for chocolate (using the midpoint formula) by this consumer is about:
Multiple Choice
0.
1.
.5.
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