13 Alex's income has increased from $3,000 to $5,000. Alex increased his consumption of meat pies from

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13 Alex's income has increased from $3,000 to

$5,000. Alex increased his consumption of meat pies from 4 to 8 a month and decreased his consumption of sausage rolls from 12 to 6 a month. Calculate Alex's income elasticity of demand for

(a) meat pies and

(b) sausage rolls.

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Economics

ISBN: 9781503632943

5th Edition

Authors: Douglas McTaggart, McTaggart Findlay & Parkin, Christopher Findlay, Michael Parkin

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Question Posted: Nov 04, 2024 03:00 AM

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13 Alex's income has increased from $3,000 to $5,000. Alex increased his consumption of meat pies from

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Economics

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