1 answer

Suppose that after hurricane​ Irene, the average income in Cape​ Charles, Virginia decreased by 8 percent....

Question:

Suppose that after hurricane​ Irene, the average income in Cape​ Charles, Virginia decreased by 8 percent. In response to this change in​ income, suppose the quantity of steak demanded in Cape Charles​ (holding the price of steak​ constant) decreased by 6 percent. What is the income elasticity of demand for steak in Cape​ Charles? The income elasticity of demand for steak in Cape Charles is 3.00. ​(Enter your response rounded to two decimal​ places.)


Answers

Answer : Income elasticity of demand= %Change in Quantity demanded/ %change in income = -6%/-8% = 0.75

The Income elasticity of Demand for steak in cape Charles is 0.75

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