Answered: Let’s assume that in Camarillo the…

Let’s assume that in Camarillo the quantity demanded of iPad increases by 18% when income increases by 10%. What is the income elasticity of demand for iPad in Camarillo?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Let’s assume that in Camarillo the quantity demanded of iPad increases by 18% when income increases by 10%. What is the income elasticity of demand for iPad in Camarillo?

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