The income of a person is Rs.8000 and he uses 60 units of a commodity. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is declined by 50%. Also, calculate New income New consumption Nature of good

The income of a person is Rs.8000 and he uses 60 units of a commodity. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is declined by 50%. Also, calculate New income New consumption Nature of good

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 2QFR

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The income of a person is Rs.8000 and he uses 60 units of a commodity.

Calculate income elasticity of demand when the income increased by 30% and consumption of the good is declined by 50%.

Also, calculate

New income
New consumption
Nature of good

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