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wrote...
Posts: 153
2 months ago

Question 1.

When Tim earned $65,000 he purchased 10 novels a year. His income has just increased to $68,000 and he plans to purchase 15 novels this year. Tim's income elasticity of demand for novels equals

• 0.11.

• 0.

• 1.67.

• 8.87.

Question 2.

Jill earns an income of $2,000 a week and goes out to dinner 4 times a week. If her income increased to $2,100 she would go out to dinner 5 times a week. Jill's income elasticity of demand is

• 0.22

• 4.56

• -0.22

• 2.28
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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Answer verified by a subject expert
wrote...
Posts: 185
2 months ago
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Answer 1

8.87.

Answer 2

4.56
1
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