lavardamon123
12.11.2020 •
Business
Suppose the demand for roses increases from 500 to 600 stems when income rises from $10,000 to $20,000. Income elasticity for roses is:
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Ответ:
Demand Income % Δ in Demand % Δ in Income Elasticity
500 10000
600 20000 18.18% 66.67% 0.2727
The formula for midpoint elasticity = ((600-500)/((600+500)/2))/((20000-10000)/((20000+10000)/2)) = 0.2727
As the elasticity value is 0.2727 is less than 1, the good is slightly elastic and the good is normal good as the demand increases with the increase in income.
Ответ:
785
Explanation:
5555