The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of
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a. Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $20,000. Also calculate it when the average tourist income is $30,000.
b. Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7.
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a Suppose the average tourist income is 20000 Using the midpoint method the percent change in the qu...View the full answer
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