Question

Find below the data for price elasticity and income elasticity of demand for 5 different commodities. Interpret the values in the table in the light of  Whether the demand is elastic or inelastic for each of the commodities and why  What do you mean by negative income elastic demand in case of commodity 3  Give example for each type of commodity.

Commodity Price Elasticity of demand
Income elasticity of demand
1) -0.3 +0.6
2) -1.45 +5.60
30 -5.09 -1.67
4) -0.7 +0.8
5) 1.0 +1.0

Answer 1

heya mate ur answer,,,

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commodity price elasticity is part (2) as elasticity of the demand

Answer 2

plz check your question