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].

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please don't give image format

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).

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