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 +0.62) -1.45 +5.60 30 -5.09 -1.67 4) -0.7 +0.8 5) 1.0 +1.0

Answer 1

heya mate

_________________________

commodity price elasticity of demand is option 3)