Question

Fli
LOL
Question#6 (4 Marks)
Income
$30,000
50,000
Prices
Px = $6, Py=$3
Px = $6, Py = $4
Quantities
Purchased
Good X
2
5
Quantities
Purchased
Good Y
20
10
Refer to Table.
(1) Using the information in the table, calculate the income elasticity of demand for good X
and characterize the good. Use the midpoint formula.
(ü) Can you calculate the income elasticity of demand for good Y? If you can show your
calculation and characterize the good. If you cannot explain why.​

Answer 1

Answer:

and IDK

Explanation:

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