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Assume that income is Taka 10,000 and the sales are 80,000 units and the coefficient (slope) of income in a regression equation is 10. What
Assume that income is Taka 10,000 and the sales are 80,000 units and the coefficient (slope) of income in a regression equation is 10. What would be elasticity of income? Now assume that sales are increased from 80,000 to 90,000 units and the income rose from Taka 10,000 to Taka 11,000. What would be the income elasticity? What type of good is this commodity? [2]
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