Income Elasticity of Demand: Live Drama The likelihood that a child will attend a live theatrical performance can be modeled by
Here, q is the fraction of children with annual household income x thousand dollars who will attend a live dramatic performance at a theater during the year. Compute the income elasticity of demand at an income level of $20,000 and interpret the result. (Round your answer to two significant digits.) [HINT: See Example 2.]
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Chapter 12 Solutions
Finite Mathematics and Applied Calculus (MindTap Course List)
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