What is the income elasticity of demand for widgets

Reference no: EM13201186

When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change. what is the income elasticity of demand for widgets (using the midpoint method).

Reference no: EM13201186

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