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dskmvld dskmvld
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Posts: 489
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5 years 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
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
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jeromet1jeromet1
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dskmvld Author
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5 years ago
Correct Slight Smile TY
annakc
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Smart ... Thanks!
branbran2k16
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This helped my grade so much Perfect
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