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econlab011

# econlab011 - ® Sorry that's not correct When Alex‘s...

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Unformatted text preview: ® Sorry, that's not correct. When Alex‘s income increased Trent \$6,000 In \$3,000, he increased his conmnnptinn efbagels from 3 tn Ta menthamiriecreasedhiscnnslnnpﬁnnnf (tennis from 14 tn 3 a month. Imeme elasticity.r sf ﬁmnami = Percentage change in the quantity.r denaamied + Percentage change in inznnre. Whenﬂlexinereaseshiscnnsmnplinnnfbagelsfrnm3 tn ?amnnth,thequantit}r denaaruieriincreasesby4an10nth,amiﬂleaveragequanﬁtyis 5. this percentage increase inquantity' rielnanied is {4+ 5) X 100, whichis 310 percent. 1When Alex‘s income increases ﬁnn] \$6,000 to- \$E,000, his incense increases by \$2,000, and his average intense is \$1000. Sn his percentage increase in intense is (\$2,000 + \$1000} X 100, which is 23.5? percent. Alex‘s inenme elaslzicitjl.r of rienland fer bagels is 010 percent + 23.5? percent, which is not 1500. ...
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