cristianvelasq5286 cristianvelasq5286

09-07-2020
Business

contestada

If income elasticity of demand is 2.12, it means that quantity demanded will by 2.12 percent for every percent __ in income.

Respuesta :

andromache andromache

09-07-2020

Answer:

rise, 1.0, rise

Explanation:

As we know that

Income elasticity of demand is

= Percentage change in quantity demanded ÷ Percentage change in income

So,

Percentage change income

= 2.12% ÷ 2.12

= 1%

Therefore if the income increased that also leads to increase in quantity demanded

We simply applied the Income elasticity of demand formula so that we can get to know the situation

Answer Link

Otras preguntas

A cooking club has 12 members. How many ways can they select a president and vice president from among the members? A. 22

Arrange numbers to form equivalent fractions. Find two ways to solve each puzzle. Use each number once in each sentence. 3,4,2,6

If the function f(x) represents the number of words that Janet can type in x minutes, what is the possible domain for the function?1) the set of integers2) the

What is the answer for 56% of 80

ABCD is a square of side 3, and E and F are the mid points of sides AB and BC respectively. What is the area of the quadrilateral EBFD ?

O is the center of the circle. Assume that lines that appear to be tangent are tangent. What is the value of x?

The diagram below represents the bright-line spectra of four elements and a bright-line spectrum produced by a mixture of three of these elements.Can someone he

If the function f(x) represents the number of words that Janet can type in x minutes, what is the possible domain for the function?1) the set of integers2) the

One half of the birds at a pet store were yellow. Tara buys one. Then 1/3 of the birds left are yellow. How many yellow birds were left at the store before Tar

One half of the birds at a pet store were yellow. Tara buys one. Then 1/3 of the birds left are yellow. How many yellow birds were left at the store before Tar