Price P₁ P2 9.00 8.00 Quantity Q₁ Q2 Normal; 0.57 Normal; -0.57 inferior; 0.57 inferior; -0.57 1.000 2.000 Price Py1 Py2 8.00 7.00 2.000 3.000 As your income changed from Income 1 to income 2, Quantity demanded for good X changed fro Q1 to Q2. Using the midpoint method, answer the following: Good X is? income elasticity of demand is? Quantity Qx1 Qx2

Price P₁ P2 9.00 8.00 Quantity Q₁ Q2 Normal; 0.57 Normal; -0.57 inferior; 0.57 inferior; -0.57 1.000 2.000 Price Py1 Py2 8.00 7.00 2.000 3.000 As your income changed from Income 1 to income 2, Quantity demanded for good X changed fro Q1 to Q2. Using the midpoint method, answer the following: Good X is? income elasticity of demand is? Quantity Qx1 Qx2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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