Table 56 Shows the Change in the Quantity Demanded for Good

question 135

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 B.​ ​
Table 5.6
​
​
Quantity
Income
Good A
​
100
$1,000
120
​
$2,000
Good B
200
$20
140
$35

• A)-11/17
• B)17/9
• C)10/3
• D)-3/10
• E)1

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Definitions:

Interindividual Variability

Differences or variations in traits, behaviors, or responses among individuals within a population.

Self-correcting Nature

The inherent ability of a system or process to adjust and correct itself without external intervention.

Social Psychology

A scientific field that studies how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Prior Research

Previous studies, experiments, or scholarly work conducted on a subject that forms the basis for further inquiry or investigation.