Estimate tony income elasticity of demand for steaks

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Reference no: EM131790734

Question: The following information is provided for Tony Romo's income and expenditures.

Quantity Purchased per Month

Monthly Income Steaks Pizzas

$2,000 2 8

$3,000 4 6

(A) Estimate Tony's income elasticity of demand for steaks

(B) Estimate Tony's income elasticity of demand for pizzas

Reference no: EM131790734

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