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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
Interval of Random Numbers
The range between the smallest and largest numbers in a set that has been chosen randomly.
Random Numbers
Sequences of numbers generated in such a way that each number has an equal chance of being any value within the defined range, used in simulations and probabilistic calculations.
Expected Demand
An estimate of the quantity of a product or service that consumers will purchase in the future, often used for planning and inventory management.
Demand Probability
The likelihood that a specific level of demand will occur within a certain period.
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