Below are some data on price, income and demand for five different time periods. Year Income Price
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Question:
Below are some data on price, income and demand for five different time periods.
Year | Income Price of X | Price of | ||
1 | 50 | 200 | ||
2 | 40000150 | 40 | 40 | 160 |
3 | 40000150 | 30 | 70 | 140 |
4 | 50000150 | 40 | 70 | 160 |
5 | 50000160 | 50 | 90 | 200 |
Refer to the information above to answer this question. What is the income elasticity for product between years 3 and 4 ?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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