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Use the Figure to Calculate the Income Elasticity of Demand

Question 1

Multiple Choice

Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000: A) -0.10 B) -1.10 C) 0.1818 D) 0.20 E) 1.10


A) -0.10
B) -1.10
C) 0.1818
D) 0.20
E) 1.10

Correct Answer:

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