I need the answer as soon as possible 12. Mr. Raees Ahamd bought 50 litresof petrol when his monthly incomewas Rs.25000. Now his monthlyincome has risen to Rs.50,000 andhe purchases 100 litres of petrol.His income elasticity of demandfor petrol isА. О 1B. O 100%C. O Less than 1D. O More than 1

Income elasticity of demand measures how responsive the demand for a good or service is to changes…

Answered: His income elasticity of demand for…

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His income elasticity of demand for petrol 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 32CTQ: Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price...

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

I need the answer as soon as possible

12. Mr. Raees Ahamd bought 50 litres
of petrol when his monthly income
was Rs.25000. Now his monthly
income has risen to Rs.50,000 and
he purchases 100 litres of petrol.
His income elasticity of demand
for petrol is
А. О 1
B. O 100%
C. O Less than 1
D. O More than 1

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