Taz, has seen his hours at work increased. He used to work 30 hours a week at $30 and hour, but now he works 40 hours. Due to this change he noticed he purchased more sport coats; up from 1 coats week to 2. He also reduced his number of polo shirts from 4 to 2.
Income went from $30 x 30hrs = $900 a week to $30 x 40 or $1200.
What is the income elasticity of polo shirts for Taz?
What type of good are polo shirts for Taz?
What is the income elasticity of sport coats for Taz?
What type of good is sport coats for Taz?
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