The table provides information for the quantity demanded of a product at different income levels. Calculate income elasticity of demand. Interpret the results. Yearly Income Quantity demanded, units /year 30000 1200 36000 1100

The table provides information for the quantity demanded of a product at different income levels. Calculate income elasticity of demand. Interpret the results. Yearly Income Quantity demanded, units /year 30000 1200 36000 1100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table provides information for the quantity demanded of a product at different income levels. Calculate
Income elasticity of demand. Interpret the results.
Yearly Income
Quantity demanded, units
/year
30000
1200
36000
1100

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