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MrGrimey MrGrimey
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6 years ago
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.
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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forrestforrest
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6 years ago
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