Income elasticity of demand co-efficient

Assignment Help Macroeconomics
Reference no: EM132471823

Researchers at Tourism Queensland have found that Backpacker accommodation has an income elasticity of demand co-efficient of 0.75. What type of good is Backpacker accommodation and what does this value of 0.75 mean for an increase in the number of Backpacker hostels opening in Queensland if real incomes in the main source countries of our foreign tourists are expected to increase in the coming years?

Reference no: EM132471823

Questions Cloud

Determine the term of the note : Given the following information concerning a promissory note: Principal $2,700 and Interest Rate 14%. Determine the term of the note
Increase-decrease in gdp growth in daily life : What are the effects of increase & decrease in GDP growth in daily life?
Determine the direct material and conversion equivalent unit : Determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount is zero, enter in "0".
Technological and resource mix used to produce goods : Which fundamental economic question requires society to chose the technological and resource mix used to produce goods.
Income elasticity of demand co-efficient : Researchers at Tourism Queensland have found that Backpacker accommodation has an income elasticity of demand co-efficient of 0.75.
Compute working capital and the current ratio : Suppose the following selected condensed data are taken from a recent balance sheet of Bob Evans Farms. Compute working capital and the current ratio
Impact on the total revenue herron pharmaceuticals : Blackmores Vitamins produce a multi-vitamin supplement and examination of sales data has revealed that at a price of $20 per bottle they sell 45,000
What are the key macroeconomic factors : What are the key macroeconomic factors which affects the GDP growth of the advanced country and emerging/developing country?
Calculate the present value of the? annuity : Determine and Calculate the present value of the? annuity, assuming the annuity cash flows occur at the end of each year. with proper example

Reviews

Write a Review

Macroeconomics Questions & Answers

  Make sure to discuss how facebook has both impacted

Make sure to discuss how Facebook has both impacted and been impacted by the technological and other changes that comprise a low-friction economy as well as in terms of supply and demand.

  Define a quadratic effect for income

Re-estimate the equation to see if there is a quadratic effect for income and paste the output in your assignment.

  Question regarding the purchases component of gdp

The government purchases component of GDP does not include spending on transfer payments such as Social Security. GDP does not also include the value of used goods that are resold.

  Hypothetical data on macroeconomic accounts

The following table provides some hypothetical data on macroeconomic accounts for three countries represented by A, B, and C and measured in billions of currency units. In the table, private household saving is SH, tax revenue is T, government spe..

  Explain how would it change as pm company adopts

Explain how would it change as PM Company adopts additional international market expansion strategies. How long and what will it take to actually change the organizational structure.

  Cost in terms of a computer programmer salary

If a computer project takes 6 months, how much does it cost in terms of a computer programmer salary to complete the project in the United States?

  Elements of list that are greater than splitpoint

Define the predicate split/4 (List, SplitPoint, Smaller, Bigger) where List, Smaller, and Bigger are lists of integers, and SplitPoint is an integer, such that all the elements of List that are less than SplitPoint are elements of Smaller, and all..

  1 economists are fond of saying that there is no free lunch

1. economists are fond of saying that there is no free lunch. what concept supports this belief?2. name two opportunity

  Decide what sports were like nfl

Decide what sports were like NFL before the introduction of the salary cap?

  Determining the amount of the donation

A fund is to be donated by wealthy man to provide scholarships to deserving students. The fund will grant P5,000 for each semiannual of the first five years, P8000 for each quarter of the next five years, and P10,000 each month thereafter. The sch..

  In what direction and by how much will it eventually shift

Suppose that consumer spending initially rises by $5 billion for every 1 percent rise in household wealth and that investment spending initially rises by $20 billion for every 1 percentage point fall in the real interest rate. Also assume that the..

  What would be labor supply of female high school graduates

Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual characteristics are the same across the education groups.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd