Question
The estimated market demand function for a product is Q = 40 - 4P + 0.1I, where Q is the quantity demanded of a product,
- The estimated market demand function for a product is
Q = 40 - 4P + 0.1I,
where Q is the quantity demanded of a product, P is the price of a product, P = $10; and I is the average income, I = $100.
What is the income elasticity of demand?
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
