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The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat is

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2SQP

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Question

The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p,
is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income
elasticity of wheat is

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