Solved

Suppose That Average Incomes Decreased from $38,000 to $36,000,and the Quantity

Question 54

Multiple Choice

Suppose that average incomes decreased from $38,000 to $36,000,and the quantity demanded of a product increased from 45 to 55.What is the value of the income elasticity of demand?


A) -0.27
B) -3.7
C) -1.0
D) +0.27
E) +3.7

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q49: What is the formula used to calculate

Q50: The table below gives data for a

Q51: A local transit authority has just applied

Q52: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5692/.jpg" alt=" -Refer to the

Q53: Suppose that the cross elasticity of demand

Q55: Below are some data on price,income and

Q56: What is the likely effect of the

Q57: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5692/.jpg" alt=" -How will the

Q58: Define 'elasticity coefficient'

Q59: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5692/.jpg" alt=" -What is the