Maria has decided always to spend one-third of her income on clothing. a. What is her income
Question:
a. What is her income elasticity of clothing demand?
b. What is her price elasticity of clothing demand?
c. If Maria’s tastes change and she decides to spend only one-fourth of her income
on clothing, how does her demand curve change? What is her income elasticity and price elasticity now?
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a If Maria always spends onethird of her income on clothing then her income el...View the full answer
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