Calculate the income elasticities of demand


Problem

Calculate the income elasticities of demand for the following:

a. Income rises by 20 percent; demand rises by 10 percent.

b. Income rises from $30,000 to $40,000; demand increases (at a constant price) from 16 to 19.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Calculate the income elasticities of demand
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