Asked by Yellow Bird
Written Answer:
Show calculations and respond to questions for the following example. Use either arc convention or the normal % change formula. Specify what you used.
Quantity of
Demand Income
Period 1 100 $25,000
Period 2 125 $35,000
a)% change demand=
b)% change income=
c)income elasticity of demand=
d)elastic or inelastic=
Take a shot.
Show calculations and respond to questions for the following example. Use either arc convention or the normal % change formula. Specify what you used.
Quantity of
Demand Income
Period 1 100 $25,000
Period 2 125 $35,000
a)% change demand=
b)% change income=
c)income elasticity of demand=
d)elastic or inelastic=
Take a shot.
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