Consider the following data for a hypothetical ...

[nods]

Question 1

Consider the following data for a hypothetical economy.

Year	Average Household Income ($)	Price of Gasoline ($/litre)	Quantity Demanded of Gasoline (millions of litres)
2012	78 000	1.30	1940
2013	82 000	1.30	2060

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.

Year	Average Household Income ($)	Price of Transit Passes ($)	Quantity Demanded  Transit Passes
2012	78 000	60	99 000
2013	82 000	60	101 000

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.

[knguyen]

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[nods]

YES! Correct, THANKS for helping me on my review

[amandanbreshears]

Thanks for the timely response, appreciate it