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econlab012

# econlab012 - ® Sorry that's not correct When Alex‘s...

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Unformatted text preview: ® Sorry, that's not correct. When Alex‘s incnme increased from \$6,000 to \$3,000, he increased his cansmnpﬁnn pfbagels from 3 ts- ? a munthandriecreasedhis cnnmnnptiunnf (inmlts ﬁnrn 14 tn 3 a month Irlcnme elasticitjj.r nfrielnarxi = Percentage change in the {ﬁlm demanded + Percentage change in income. When Alex ﬂecreases hiscnnsmnpﬁnnnftinnnts from 1410 3 amunth,the qlmnﬁtyﬂmamiednmsreasesbyﬁamumhamithe averagequantityis 1.1.5an percentage riecrease in quantity.r rienlarxied is {15+ 11) K 100, whichis - 54.55 percent. When Alex‘s income increases ﬁnrn \$5,“ tn \$3,000, his income increases by \$2,000, and his average iruenme is \$1,000. Sn his percentage increase in iruenrne is (\$2,000 + \$1000} x 100, which is 23.5? percent. Alex‘s income elasticity.r nfrienlarui for {innnts is - 54.55 percent + 23.5? percent, whhh is nut 15.4. ...
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