Question
Below are some data on price, income and demand for five different time periods. Year Income Price of X Price of 1 50 200 2
Below are some data on price, income and demand for five different time periods.
| Year | Income Price of X | Price of | ||
| 1 | 50 | 200 | ||
| 2 | 40000150 | 40 | 40 | 160 |
| 3 | 40000150 | 30 | 70 | 140 |
| 4 | 50000150 | 40 | 70 | 160 |
| 5 | 50000160 | 50 | 90 | 200 |
Refer to the information above to answer this question. What is the income elasticity for product between years 3 and 4 ?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
