πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      The demand function for a good is X = 5000 – 10Px

      + 15Py + 0.2Y, where in Px is the price of X, Py is the price of another good and Y is the income. Calculate the income elasticity of demand when Y = 2000, P(x) = 25 and P(y) = 40
      A 0.20 Correct Answer Incorrect Answer
      B 0.10 Correct Answer Incorrect Answer
      C 0.70 Correct Answer Incorrect Answer
      D 0.07 Correct Answer Incorrect Answer

      Solution

      Practice Next
      ask-question