What is the income elasticity of wheat

Assignment Help Business Economics

Reference no: EM131240797

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: EM131240797

Questions Cloud

How much has mario contributed to gdp : During the past year, Mario = a used car for $1,000. Using the expenditure approach, how much has Mario contributed to GDP?

What is the plate separation : A parallel-plate capacitor has a plate area of 7.2 cm^2, and a capacitance of 9.3 pF. What is the plate separation? The value of the permittivity of a vacuum is 8.8542 × 10-12 C^2/N · m^2. Answer in units of m.

Write a draft of research paper with several components : Write a draft of research paper with several components. - An outline of your research and the intended direction of your argument.

What are some superconductivity materials : What are some superconductivity materials? Lists as many as you can. And describe their nature, functions, names, how they apply to other fields in the world.

What is the income elasticity of wheat : 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?

How government policies can influence economic growth : Analyze the history of changes in GDP, savings, investment, real interest rates, and unemployment and compare to forecast for the next five years.

Conservation of momentum or conservation of kinetic energy : Suppose that you wanted to use either conservation of momentum or conservation of kinetic energy to predict the outcome when a large car collides with a smaller car in a demolition derby. Which of the two would be more appropriate for your calcula..

Monopolists marginal cost of supplying good to consumers : A monopolist’s marginal cost of supplying a good to consumers is ˜c = c + t (where t is a unit commodity tax). Let pm(˜c) denote the corresponding monopoly price. Sumner (1981) uses an ingenious approach to estimate the elasticity of demand—and thus ..

Discusses the pros and cons of very simple plans : Write a 3-5 page report that discusses the pros and cons of very simple plans versus detailed plans, although the standards mandate very specific requirements for the plans that add a level of complexity. Include a summary paragraph/abstract at th..

User Account

All Pages