Multiple Choice
The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat is
A) 2 ∗ (1000/2099) .
B) 2.
C) 1/2 ∗ (1000/2099) .
D) Cannot be calculated from the information provided.
Correct Answer:
Verified
Correct Answer:
Verified
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