When Judy's income increased from $400 to $440 a week, she increased her demand for concert tickets by 10 percent and decreased her demand for bus rides by 15 percent. Calculate Judy's income elasticity of demand for concert tickets and bus rides. >>> Answer to 2 decimal places. >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign. Judy's income elasticity of demand for concert tickets is
When Judy's income increased from $400 to $440 a week, she increased her demand for concert tickets by 10 percent and decreased her demand for bus rides by 15 percent. Calculate Judy's income elasticity of demand for concert tickets and bus rides. >>> Answer to 2 decimal places. >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign. Judy's income elasticity of demand for concert tickets is
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 2PA
Related questions
Question
When Judy's income increased from
$400
to
$440
a week, she increased her demand for concert tickets by
10
percent and decreased her demand for bus rides by
15
percent.Calculate Judy's income elasticity of demand for concert tickets and bus rides.
>>> Answer to 2 decimal places.
>>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign.
Judy's income elasticity of demand for concert tickets is
nothing.
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