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Analysis 1: Calculating And Interpreting Elasticity

Analysis 1: Calculating And Interpreting Elasticity

Submitted by • May 1, 2013

customwritingtips.com - Part II, a). Income elasticity of demand Income elasticity of demand = percentage change in quantity demanded / percentage change in income = [(2-10)/ (10) ÷ (30,000-20,000)/ (20,000)] = {(-8/10) ×100] ÷ [(10,000/20,000) ×100]} = -80% ÷ 50% = -1.6

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