Mary buys 27 tuna sandwiches when her income is $37. Her income rises to $45 and now she buys 2 tuna sandwiches. What is Mary's income elasticity of demand? (Use the midpoint method for your calculations and round your answer to two decimal places.
Mary buys 27 tuna sandwiches when her income is $37. Her income rises to $45 and now she buys 2 tuna sandwiches. What is Mary's income elasticity of demand? (Use the midpoint method for your calculations and round your answer to two decimal places.
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 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...
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Mary buys 27 tuna sandwiches when her income is $37. Her income rises to $45 and now she buys 2 tuna sandwiches. What is Mary's income elasticity of demand ? (Use the midpoint method for your calculations and round your answer to two decimal places.)
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