Table 56 Shows the Change in the Quantity Demanded for Good

question 110

Multiple Choice

Table 5.6 shows the change in the quantity demanded for Good A and Good B as a result of a change in income. Use the information in the table below to calculate the value of the income elasticity of demand for Good A.​ ​
Table 5.6
​
​
Quantity
Income
Good A
​
100
$1,000
120
​
$2,000
Good B
200
$20
140
$35

• A)1
• B)2/9
• C)3/11
• D)11/3
• E)9/2

---

Definitions:

Bank Services

Refers to the various services and products offered by banks to their customers, such as checking accounts, loans, and financial advice.

Internal Control

Processes and procedures implemented by a company to safeguard its assets, enhance the reliability of its accounting records, and ensure compliance with laws and regulations.

Banking Activities

Operations carried out by banks, including deposits, loans, investments, and currency exchange.

Petty Cash Fund

A small amount of cash on hand that is used for covering minor expenses in a business.