When Frank's income was $100 per week, 10 units of good A were demanded. Now his income is $150 per week and 12 units of good A are demanded. Using the percentage change formula, the income elasticity of demand for good A equals ___.
a. 0.40
b. 0.45
c. 2.20
d. 2.50
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “When Frank's income was $100 per week, 10 units of good A were demanded. Now his income is $150 per week and 12 units of good A are ...” 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
Mark is considering opening a money market account. What is an issue that he needs to be aware of when comparing a money market account to a checking account? Select the best answer from the choices provided.
Answers (1)
Financial statement data for the years ended December 31 for Parker Corporation are as follows: Current Year Prior Year Sales $2,595,600 $2,409,498 Fixed assets (net) : Beginning of year $901,070 $820,000 End of year 829,330 901,070 a.
Answers (2)
6. A system anticipates that spending $300,000 on an advertising campaign will increase bed days by 650. The marketing department anticipates that each additional bed day will yield $2,100 in additional revenue and will increase costs by $1,700.
Answers (1)
What is the importance of the West Bank to the Middle East? a. Arabs and Jews claim historical rights to this land. c. It is the capital of Lebanon. b. Israel won the West Bank from Jordan in the 1967 war. d. The West Bank is not in the Middle East.
Answers (1)
A desktop computer now sells for 15% less than it did last year. the current price is $425. what was the price of the computer last year?
Answers (1)
New Questions in Business
What are two types of businesses that would probably use a sole proprietorship as a form of business ownership?
Answers (1)
Which financial problems might cause a person to be considered a bad risk for a loan to purchase a home? Check all that apply.
Answers (2)
Companies can adapt their catalog revenue model online by replacing or supplementing their print catalogs with information on their Web sites. True False
Answers (1)
The United Kingdom produces computers and sells them to Japan. At the same time Japan produces cars and sells them to the United Kingdom. Suppose there is an appreciation in the pound. This will cause: A.
Answers (1)
When obtaining a mortgage, in order to not be taken, paying a much higher rate than neccessary, which can easily cost well over 100,000 additional dollars over the life of the loan, the authors recommend getting a minimum of how many quotes?
Answers (1)