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Author Question: If your income increased by 10% and the quantity of pizza you demanded increased by 5%, your income ... (Read 154 times)

xclash

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Question 1

If the income elasticity of demand for bread is 0.2. A 5% increase in income will cause
◦ a 25% decrease in the demand for bread.
◦ a 25% increase in the demand for bread.
◦ a 10% increase in the demand for bread.
◦ a 1% increase in the demand for bread.

Question 2

If your income increased by 10% and the quantity of pizza you demanded increased by 5%, your income elasticity of demand for pizza is
◦ 2.
◦ 10%.
◦ 0.5.
◦ -2.


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Marked as best answer by xclash on May 25, 2020

cam1229

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xclash

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Reply 2 on: May 25, 2020
Excellent


ghepp

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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