Find the income elasticity of demand of bicycles, Microeconomics

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Find the income elasticity of demand of bicycles

The demand function for bicycles in Mapleville is estimated to be

Qd = 2,500 + 10Y - 6 P

Where Y denotes income in thousands, Qd is the quantity demanded in units, and P is the price of bicycles. When P = $120, Y = 12,

a. What is the price elasticity of demand?
b. What is the income elasticity of demand?

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Microeconomics: Find the income elasticity of demand of bicycles

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Microeconomics: Find the income elasticity of demand of bicycles

Reference No:- TGS0522285

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find the income elasticity of demand of bicycles

Reference No:- TGS0522285

Recent Questions Asked Microeconomics

Q : Who is the prophet muhammad

Q : Describe what the waste minimization

Q : Eoq-average inventory-orders per year

Q : What price be able to charge and sell widgets

Q : Find the income elasticity of demand of bicycles

Q : What is level 5 leadership based on jim collins novel

Q : Find expected effect on quantity demanded for rental

Q : Find point price elasticity at each of the three prices

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