Question
4. When Ahmed's income was $2,00, he bought 6 bagels and 10 donuts a month. Now his income is $1,500 and he buys 4 bagels
4. When Ahmed's income was $2,00, he bought 6 bagels and 10 donuts a month. Now his income is $1,500 and he buys 4 bagels and 12 donuts a month. Calculate Ahmad's income elasticity of demand for (a) bagels and (b) donuts. And explain their meanings and the type of goods Ahmed's dealing with and why?
<< please i want full and correct answer but not by handwritten
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
