Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent....
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steak constant) decreased by 6 percent. What is the income elasticity of demand for steak in Cape Charles? The income elasticity of demand for steak in Cape Charles is . 75. (Enter your response rounded to two decimal places.) In this instance, steak in Cape Charles is ▼ . normal and a luxury, Inferior, normal and a necessity.
Homework Answers
Take the information available in the question
Change in Income = - 8%
Change in steak demanded= -6%
So the answer is = -6 /-8
= 0.75
A normal good has an Income Elasticity of Demand > 0
So the steak in Cape Charles is Normal
Add Answer to:
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent....
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent....
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steak constant) decreased by 6 percent. What is the income elasticity of demand for steak in CapeCharles? The income elasticity of demand for steak in Cape Charles is nothing. (Enter your response rounded to two decimal places.)
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent....
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steak constant) decreased by 6 percent. What is the income elasticity of demand for steak in Cape Charles? The income elasticity of demand for steak in Cape Charles is 3.00. (Enter your response rounded to two decimal places.)
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 2 percent....
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 2 percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steak constant) decreased by 14 percent. What is the income elasticity of demand for steak in Cape Charles? The income elasticity of demand for steak in Cape Charles is?
Income elasticity 3
Suppose that after hurricane Irene the average income in cape charles Virgina decreased by 4 percent. In response to this change in income suppose the quantity of steak demanded in cape charles holding the price of steak constant decreased by 6 percent. What is the income elasticity of demand for steak in cape charles?
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Assume that a 4 percent increase in income in the economy produces an 8 percent increase in the quantity demanded of good X
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Please help with these questions:
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Suppose income increases by 25 peroent and, as a result, the quantity of a particular brand of automobile demanded (holding the price for this particular automobile constant) increases by 1 percent The income elasticity of demand for this brand of car is (Enter your response rounded to two decimal places and include a minus sign if appropriate This partioular brand of automobile is ain) In another example, suppose market research shows that a partioular brand of truck is a normal...
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Please help with these questions:
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