Attina's sister, Aquata always spends 20% of her income on boots. Assume that her income increases by some percentage while the price of boots remains constant (and that all boots cost the same). What is her income elasticity of demand for boots? 0.2 need more information to tell 0 1

An individual gets a raise, increasing their income by 2.5%. As a result, their consumption ofa certain good decreases by 1%. What is the income elasticity of demand for this good? Is thisa normal good, inferior good, both or neither for this individual?

gold Compare and contrast the income elasticity of demand for gold bracelets (ngola bracelets) and the income elasticity of demand for shampoo (n Explain using 1-2 sentences. Shampoo). Which product's income elasticity of demand is higher?

Alex's income has increased from 3000Php. to 5000Php. Alex increased his consumption of CD from 4 to 8 a month and decreased his consumption of cakes from 12 to 6 a month. Calculate his income elasticity of demand for CD using point method. * Your answer

Describe in a paragraph, What is price elasticity?   . How does Moore’s Law relate to this concept?   . What’s special about falling chip prices compared to price drops for products like clothing or food?

Answer the following questions regarding elasticity When Jake’s income increases from $400 to $600 per week, his noodles consumption drops from 6 to 2 packets/week. What is the income elasticity of demand for noodles?

Carla consumes 10 juices per week when the price is $1.50 per unit. A reduction in this year's orange crop lead to 50% an increase in the price of juice. At the new price level Carla's weekly juice consumption cell to 6 units. calculate Carla's own-price elasticity of demand for juice.

Can you explain the difference between an elastic and inelastic product?

carefully answer it

11 BIUA + Arlal I| II1 I I 2 The following questions are about income elasticity of demand. 9) Mr. Leon's income increased by 10%. (His "mommy" gave him a raise in his allowance because he was a "good little boy.") His consumption of Lego's then increased by 25%. Calculate his income elasticity. Does this imply that Lego's are a regular or an inferior product for Mr. Leon? 10) Mr. Mendivil's income increased by 20%. His consumption of pictures of Mr. Leon then decreased by 100%. Calculate the income elasticity of demand for the product. Does this imply that pictures of Mr. Leon are regular or inferior products? 11) Larry the Wild & Crazy Monkey saw a decrease in his income by 25%. With this, his consumption of berries increased by 50%. Calculate his income elasticity of demand. What can we conclude about berries as a consumer good for Larry the Wild & Crazy Monkey? Explain. ip lili 司