When Fred's Income Was $100 Per Week, 10 Units of Good

question 309

Multiple Choice

When Fred's income was $100 per week, 10 units of good X were demanded. Now his income is $150 per week and 12 units of good X are demanded. Using the percentage change formula, the income elasticity of demand for good X equals ________.

• A) 0.45
• B) 0.40
• C) 2.20
• D) 2.50

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Definitions:

Customers Table

A structured data representation in databases specifically designed to store customer-related information.

Sales Table

A structured summary of sales transactions, typically including data on products, quantities, prices, and dates.

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A collection of related pieces of information stored in a structured format, often in a database.

Self Join

A type of SQL join where a table is joined to itself, allowing for comparisons within the same table.