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The following table shows the relationship between the price of product ZZZ and the quantity demanded for that product. 1) Calculate the price elasticity of
The following table shows the relationship between the price of product ZZZ and the quantity demanded for that product. 1) Calculate the price elasticity of demand, if the price increases from RM12.00 to RM12.50 and indicate whether the demand is elastic or inelastic. 2) Calculate the income elasticity of demand for product when the income of consumers increases from RM 1800 to RM 2000. What type of that product Price of ZZZ (RM) 12.00 12.50 13.00 13.50 Quantity Demanded 45 35 25 10 Consumers' income (RM) 1600 1800 2000 2200
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