Question
Holly, Brian, Fred, Tracy, and Melanie have
income elasticities for veggie burgers as given below: Person Income elasticity of demand Tracy 2 Brian 1 Fred -0.75 Holly 0.1 Melanie -1.5 Who would respond the least in their purchase of veggie burgers in response to an increase in income?Solution
Holly's demand is the most inelastic, so she would respond the least. It is the magnitude of the elasticity that matters for how much demand changes, not the sign of the elasticity.
More Research Questions
40.02% of 1220.05 = ?2 + 29.09 × 7.99
P spends 20% of his monthly income in travelling. He spends 25% of his monthly income on household expenses and spends 15% of his monthly income on fami...
What approximate value will come in place of the question mark (?) in the following question? (Note: You are not expected to calculate the exact value.)...
22.11 × 4.98 + 23.03 × 5.12 – 32.95 + 96.9 × 5.02 =?
- What approximate value will come in place of the question mark (?) in the following question? (Note: You are not expected to calculate the exact value.)
- What approximate value will come in place of the question mark (?) in the following question? (Note: You are not expected to calculate the exact value.)
(15.99)2 + 219.98% of 20.01 = ?2 × 75.01%
35.11% of 159.99 + √195.97 ÷ 7.02 = ?
?% of (95.31 ÷ 18.97 × 70.011) = 174.98
