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Income Elasticity
Problem 1
Calculate the arc entrance elasticity in the following situation. Use the method of mathematicians.
Entry
Amount
$200
40
$300
50
Based on the above result, the consumer's response regarding the product can be considered a normal or inferior good.
Problem 2
Calculate the arc entrance elasticity in the following situation. Use the method of the mathematicians.
$500
80
$600
60
Problem 3
Calculate the point income elasticity for a consumer that reflects the following behavior.
1000
$450
800
600
What is the consumer response at each given income level?
Problem 4
Calculate the point income elasticity for the following income and determine the buyer's response
Q = -5 I + 2000
I= 200
Q = 12I + 100
I= 100
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