Suppose that demand for automobiles increases by 25% when consumers' incomes increase by 20%. what is the income elasticity of demand for automobiles? round your answer to two decimal places.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose that demand for automobiles increases by 25% when consumers' incomes increase by 20%. what is the income elasticity of demand for ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Good weather and heavy winter rain increases the supply of agricultural products. This means that at any given price, a higher quantity will be supplied. Conversely, a drought would shift the a. supply curve to the right. b. supply curve to the left.
Answers (1)
Debit means increase and credit means decrease for all accounts. true false
Answers (1)
Stan's Market recorded the following events involving a recent purchase of inventory: - Received goods for $120,000, terms 2/10, n/30. - Returned $2,400 of the shipment for credit. - Paid $600 freight on the shipment.
Answers (2)
The standard direct labor cost for producing one unit of product is 5 direct labor hours ata standard rate of pay of $16. Last month, 15,000 units were produced and 73,500 directlabor hours were actually worked at a total cost of $1,080,000.
Answers (1)
Which of the following conditions is most indicative of recovery? The economy has stopped shrinking. The economy begins to peak. The economy has passed the trough. The economy is growing again.
Answers (1)
New Questions in Business
Adamson Company manufactures four lines of garden tools. As a result of an activity analysis, the accounting department has identified eight activity cost pools.
Answers (1)
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar.
Answers (1)
For a portfolio of 40 randomly selected stocks, which of the following is most likely to be true? a. The beta of the portfolio is less than the weighted average of the betas of the individual stocks. b.
Answers (1)
What publication can give you an idea of how administrative jobs are going to change in the future? A: Office Pro B: Occupational Outlook Handbook C: From 9 to 5 D: The Executary
Answers (1)
At a four-way stop, if two cars arrive at the intersection at the same time: A) the larger car has the right of way B) the vehicle on the right yields to the vehicle on the left C) the smaller car has the right of way D) the vehicle on the left
Answers (1)