suppose after hurricane Irene the average income decreased by 4 percent. In resp

Question

suppose after hurricane Irene the average income decreased by 4 percent. In response to this change in income, suppose the quantity of steak demanded in cape Charles decreases by 16 percent. What is the income elasticity of demand for steak in cape Charles? suppose after hurricane Irene the average income decreased by 4 percent. In response to this change in income, suppose the quantity of steak demanded in cape Charles decreases by 16 percent. What is the income elasticity of demand for steak in cape Charles? suppose after hurricane Irene the average income decreased by 4 percent. In response to this change in income, suppose the quantity of steak demanded in cape Charles decreases by 16 percent. What is the income elasticity of demand for steak in cape Charles?

Explanation / Answer

% change in Demand: -16% % Change in Income: -4% Income Elasticity of demand: % change in demand/ % Change in income (-16% / -4%) = 4

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.