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Income of a person is Rs.8000 and he uses 60 units of a commodity. 1. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. Also calculate 2. New income 3. New consumption 4. Nature of good

Income of a person is Rs.8000 and he uses 60 units of a commodity. 1. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. Also calculate 2. New income 3. New consumption 4. Nature of good

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Income of a person is Rs.8000 and he uses 60 units of a commodity. 1. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. Also calculate 2. New income 3. New consumption 4. Nature of good
Transcribed Image Text:Income of a person is Rs.8000 and he uses 60 units of a commodity. 1. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. Also calculate 2. New income 3. New consumption 4. Nature of good
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