Income Quantity of good X purchased Quantity of good Y purchased $32,000 14 28 $48,000 22 23 Refer to the Table. Using the midpoint method, what is the income elasticity of demand for good Y? [Round the answer to one decimal place].

Income Quantity of good X purchased Quantity of good Y purchased $32,000 14 28 $48,000 22 23 Refer to the Table. Using the midpoint method, what is the income elasticity of demand for good Y? [Round the answer to one decimal place].

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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Question

Income	Quantity of good X purchased	Quantity of good Y purchased
$32,000	14	28
$48,000	22	23

Refer to the Table. Using the midpoint method, what is the income elasticity of demand for good Y? [Round the answer to one decimal place].

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