Find income elasticity of demand, Microeconomics

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Find income elasticity of demand

The demand function has been estimated to be: Q= 2000+15Y-5.5P where Y is income in thousand euros, Q is the quantity demanded in units and P is the price per unit.

when P= 150 euros and Y= 15(000) euros , determine the following:

a- price elasticity of demand
b- income elasticity of demand

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Microeconomics: Find income elasticity of demand

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Request for Solution File

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Microeconomics: Find income elasticity of demand

Reference No:- TGS041153

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Recent Questions Asked Microeconomics

Q : Importance of each issue for client

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find income elasticity of demand

Reference No:- TGS041153

Recent Questions Asked Microeconomics

Q : Importance of each issue for client

Q : Prepare a production budget for first quarter of the year

Q : Market value for investment valuation

Q : Computing the coefficient of variation

Q : Find income elasticity of demand

Q : How many personal exemptions can wendy claim

Q : Free cash approach to value the firm equity

Q : Calculate number of people in labor force for each country

Q : Percentage-of-receivables method

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