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economics in public management Q.3 Figure 1 shows the demand curve for manufactured goods. Harga (RM) 180 300 Kuantiti (unit) Figure 1: Demand curve for
economics in public management
Q.3 Figure 1 shows the demand curve for manufactured goods. Harga (RM) 180 300 Kuantiti (unit) Figure 1: Demand curve for manufactured goods a) Based on Figure 1, calculate the price elasticity of demand. (2 markah) b) When income increases from RM2000 to RM2400, the quantity demanded of clothing increases from 80 units to 104 units. Calculate the income elasticity of demand. Determine the type of clothing. (2 markah)Step by Step Solution
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