Homework Answers
Solution :- (1)
The Correct answer is (b) that is Total Bushels Produced .
Solution :- (2)
Income elasticity = %Change in Demand / % Change in Income
%Change in Income = ( 50,000 - 30,000 ) / [ ( $50,000 + $30,000 ) / 2 ] = 20,000 / 40,000 = 0.50
%Change in Demand = ( 36 - 30 ) / [ ( $36 + $30 ) / 2 ] = $6 / $33 = 0.1818
Income elasticity = 0.1818 / 0.50 = 0.365
Therefore Correct Answer is (b)
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