(Figure: Good Y and Good X V) In panel (a) , the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b) , the consumer's income increased from $400 to $480.
Panel (a) Panel (b) 
Using panel (a) , the income elasticity of demand for good X is _____.
Definitions:
Dividends
Payments made by a corporation to its shareholders, out of its profit or reserves, usually on a regular basis.
Investment
The allocation of resources, usually money, in order to earn income or profit over time.
Partial Equity Method
An accounting method used when an investing company has significant influence over, but not full control of, another company, requiring the investor to record its share of profits.
Equity Method
The Equity Method is an accounting technique used to record investments in other companies, recognizing the income earned from the investment proportional to ownership.
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