Table 6-4 -Refer to Table 6-4

question 127

Essay

Table 6-4

-Refer to Table 6-4.
a.Using the information in the table,calculate the income elasticity of demand for good X and characterize the good.Use the midpoint formula.
b.Can you calculate the income elasticity of demand for good Y? If you can,show your calculation and characterize the good.If you cannot,explain why.

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Definitions:

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Luddite

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