question archive 1)If a 40 percent decrease in income decreases the quantity of iPods demanded by 4 percent, the income elasticity of demand is equal to what? 2)Elasticity can be defined as percentage change in demand for a 1% change in decision attribute
1)If a 40 percent decrease in income decreases the quantity of iPods demanded by 4 percent, the income elasticity of demand is equal to what? 2)Elasticity can be defined as percentage change in demand for a 1% change in decision attribute
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1)If a 40 percent decrease in income decreases the quantity of iPods demanded by 4 percent, the income elasticity of demand is equal to what?
2)Elasticity can be defined as percentage change in demand for a 1% change in decision attribute. For linear aggregate demand, what is the mathematical representation/formula for this statement? You must define the parameters you choose to use for this answer.
3)Is the cross-price elasticity of demand between petrol and large not-very-fuel-efficient SUVs positive or negative? Briefly explain.
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