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Author Question: Consider the following data for a hypothetical economy.YearAverage Household Income ($)Price of ... (Read 38 times)

nods

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on: Oct 12, 2022

Question 1

Consider the following data for a hypothetical economy.

YearAverage
Household Income
($)		Price
of Gasoline
($/litre)		Quantity Demanded
of Gasoline
(millions of litres)
201278 0001.301940
201382 0001.302060

TABLE 4-3

Refer to Table 4-3. The income elasticity of demand for gasoline in this economy is
◦ 8.3.
◦ 6.0.
◦ 0.6.
◦ 0.5.
◦ 1.2.

Question 2

Consider the following data for a hypothetical economy.

YearAverage Household Income ($)Price of Transit Passes ($)Quantity Demanded  Transit Passes
201278 00060 99 000
201382 00060101 000

TABLE 4-4

Refer to Table 4-4. The income elasticity of demand for transit passes in this economy is
◦ 0.5.
◦ 2.5%.
◦ 0.4.
◦ 3.0%.
◦ 2.5.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by nods on Oct 12, 2022

knguyen

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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nods

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it

meganmoser117

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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