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Author Question: Consider the following data for a hypothetical economy.YearAverage Household Income ($)Price of ... (Read 41 times)

nods

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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.


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Marked as best answer by nods on Oct 12, 2022

knguyen

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nods

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)


JaynaD87

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Reply 3 on: Yesterday
Excellent

 

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