Problem
Calculate the income elasticities of demand for the following:
a. Income rises by 20 percent; demand rises by 10 percent.
b. Income rises from $30,000 to $40,000; demand increases (at a constant price) from 16 to 19.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.