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The following table illustrates your demand schedule for apples at given prices and incomes. Price per apple ($) Quantity demanded (Income = $10,000) Quantity demanded
The following table illustrates your demand schedule for apples at given prices and incomes.
| Price per apple ($) | Quantity demanded (Income = $10,000) | Quantity demanded (Income = $12,000) |
| 1 | 10 | 14 |
| 2 | 8 | 12 |
| 3 | 6 | 10 |
| 4 | 4 | 8 |
| 5 | 2 | 6 |
| 6 | 1 | 4 |
- Calculate your income demand elasticity of demand as your income increases from $10,000 to $12,000 at the price of an apple of $6. Explain the result. (10 marks)
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
