1.19. Calculate the income elasticities of demand for the following: (LO6-4) a. Income rises by 20 percent;...
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1.19. Calculate the income elasticities of demand for the following:
(LO6-4)
a. Income rises by 20 percent; demand rises by 10 percent.
b. Income rises from $30,000 to $40,000; demand increases
(at a constant price) from 16 to 19.
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