Income elasticity of demand for ice cream

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Reference no: EM131241220

A) If a consumer increases her quantity of ice cream consumed by 1005 WHEN HER INCOME RISES BY 255 then her income elasticity of demand for ice cream is?

B) The market demand for wheat is Q=100-2p+1pb+2y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000. Then what is the income elasticity of wheat?

Reference no: EM131241220

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