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2 March, 16:10

Sally recently got a 15 percent raise. she now purchases 7.5 percent more steak dinners. sally's income elasticity for steak dinners is

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  1. 2 March, 16:19
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    The question has it that Sally recently got a 15 % raise, and that she now purchases 7.5 % more steak dinners. To calculate Sally's income elasticity for steak dinners, we would divide the percent change in quantity demanded by the percent change in income.

    7.5 / 15 = 0.5

    Sally's income elasticity for steak dinners is 0.5
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