Using disposable personal income (people's income after paying taxes) as their measure of income, Procter and Gamble's economists estimate that the income elasticity of demand for its shampoos is 0.4. The economists forecast that disposable personal income will grow 3.5 percent next year. The demand for Procter and Gamble's shampoos will by%. (Round your answer to two decimal places)
Using disposable personal income (people's income after paying taxes) as their measure of income, Procter and Gamble's economists estimate that the income elasticity of demand for its shampoos is 0.4. The economists forecast that disposable personal income will grow 3.5 percent next year. The demand for Procter and Gamble's shampoos will by%. (Round your answer to two decimal places)
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 11SQP
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