Quantity demanded of widgets went from 10 to 9 units per, Ask an Expert

Economics

Discussion of Income Elasticity of Demand

When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change.

What is the income elasticity of demand for widgets (using the midpoint method).

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M925428

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