Your income rises from $2,000 a year to $5,000 and your purchases of beer change from 20 to 10. What number below most closely approximates your income elasticity over this range? Multiple Choice -0.33 -0.67 0.67 3

Your income rises from $2,000 a year to $5,000 and your purchases of beer change from 20 to 10. What number below most closely approximates your income elasticity over this range? Multiple Choice -0.33 -0.67 0.67 3

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

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Your income rises from $2,000 a year to $5,000 and your purchases of beer change from 20 to 10. What
number below most closely approximates your income elasticity over this range?
Multiple Choice
O
-0.33
-0.67
0.67
3

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