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income elasticity of demand
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Calculate the income elasticity of demand for food if an increase in income from £25,000 to £30,000 leads to an increase in the quantity demand of food of 10%.
please show all working
please show all working
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#2
= 0.5I think, price elasticity is percentage change in demand/price and income is the percentage change in demand/income I think from last years memories..
another tip is just to remember that if income increases and demand for a good, it's a normal good so will be positives
another tip is just to remember that if income increases and demand for a good, it's a normal good so will be positives
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#3
Income elasticity of demand = % change in demand / % change in income
% change = change / original value
Use these formulas to help you
% change = change / original value
Use these formulas to help you
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#4
(Original post by catwat99)
Income elasticity of demand = % change in demand / % change in income
% change = change / original value
Use these formulas to help you
Income elasticity of demand = % change in demand / % change in income
% change = change / original value
Use these formulas to help you
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#5
(Original post by Conservationofmass)
I'm glad I looked at this thread as it's basically revision for stuff I learnt last year lol, you planning to study econ at uni out of interest?
I'm glad I looked at this thread as it's basically revision for stuff I learnt last year lol, you planning to study econ at uni out of interest?
Which uni's have you applied to? I'm in y12 but trying to find out which ones have the best business schools
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