If a 50 percent increase in income increases the quantity of iPods demanded by 20 percent, the income elasticity of demand is equal to. (Enter your response rounded to two decimal places.)
If a 50 percent increase in income increases the quantity of iPods demanded by 20 percent, the income elasticity of demand is equal to. (Enter your response rounded to two decimal places.)
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section: Chapter Questions
Problem 23AA
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