Income $32,000 $48,000 Quantity of good X purchased 14 22 Quantity of good Y purchased 28 23 Refer to the Table. Using the midpoint method, what is the income elasticity of demand for good Y? [Round the answer to one decimal place].
Income $32,000 $48,000 Quantity of good X purchased 14 22 Quantity of good Y purchased 28 23 Refer to the Table. Using the midpoint method, what is the income elasticity of demand for good Y? [Round the answer to one decimal place].
Chapter1: Making Economics Decisions
Section: Chapter Questions
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