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You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-acre plot by 8% as they expect household disposable incomes to increase by 5%.
(1) If sales of one acre plots are 20,000 units this year, how many such plots do you expect to be sold next year?
(2) If land owners would like to increase sales by 6%, by how much should they increase the price of a one-acre plot

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9536499

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