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
A) is 2 ∗ (1000/2099) .
B) is 2.
C) is 1/2 ∗ (1000/2099) .
D) cannot be calculated from the information provided.
Correct Answer:
Verified
Correct Answer:
Verified
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