The relationship between a consumer’s income and the quantity of X, he consumes is given by the equation M=1000Q2 Calculate his point price income elasticity of demand for X when his income is 64,000.

The relationship between a consumer’s income and the quantity of X, he consumes is given by the equation M=1000Q2 Calculate his point price income elasticity of demand for X when his income is 64,000.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 3WNG: The quantity demanded of good X rises from 130 to 145units as income rises from 2,000 to 2,500 a...

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The relationship between a consumer’s income and the quantity of X, he consumes is given by the equation M=1000Q²

Calculate his point price income elasticity of demand for X when his income is 64,000.

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