What is your income elasticity of demand

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Question - Suppose you work as a student worker making $15,000 a year, but next year you are set to graduate and expect a salary of $60,000 a year as a result. If you typically consume 5 pounds of New York strip steak a year, but as a result of your salary increase would consume 20 pounds of New York strip steak a year, what is your income elasticity of demand for New York strip steak? Use the Midpoint Method to calculate the income elasticity of demand.

Reference no: EM133024057

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