Suppose that your friends income increases from $25,000 to $50,000, and, as a result, the quantity of
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Suppose that your friend’s income increases from $25,000 to $50,000, and, as a result, the quantity of energy drinks she purchases increases from 4 per week to 10 per week. What is your friend’s income elasticity of demand for energy drinks?
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To calculate the income elasticity of demand for energy drinks we can use the following formula Inco...View the full answer
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