12. Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
12. Mr. Raees Ahamd bought 50 litres of petrol when his monthly income was Rs.25000. Now his monthly income has risen to Rs.50,000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is
Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...
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![12. Mr. Raees Ahamd bought 50 litres
of petrol when his monthly income
was Rs.25000. Now his monthly
income has risen to Rs.50,000 and
he purchases 100 litres of petrol.
His income elasticity of demand
for petrol is
А. О 1
В. О 100%
C. O Less than 1
D. O More than 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F865b52c8-b86c-4838-8dca-6f0d002875e4%2Fef85467a-a6b4-45ab-94fb-6277dcda36af%2Fedhtxp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. Mr. Raees Ahamd bought 50 litres
of petrol when his monthly income
was Rs.25000. Now his monthly
income has risen to Rs.50,000 and
he purchases 100 litres of petrol.
His income elasticity of demand
for petrol is
А. О 1
В. О 100%
C. O Less than 1
D. O More than 1
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