Suppose, the income of a person increased from R.O 1,000 to 1,250. It resulted in an increase in his demand for dry fruits from 5kg to 8kg per month. Determine the income elasticity of demand for dry fruits. a. 1.3 b. 2.2 c. 2.4 d. 1.5

Suppose, the income of a person increased from R.O 1,000 to 1,250. It resulted in an increase in his demand for dry fruits from 5kg to 8kg per month. Determine the income elasticity of demand for dry fruits. a. 1.3 b. 2.2 c. 2.4 d. 1.5

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 1QR

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