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stiks02 [169]
1 year ago
10

Suppose a household’s income increases from $2500 to $3000 and quantity demanded changes from 190 to 150. What is the income ela

sticity?
a.
0.6


b.
$500


c.
-1.05


d.
2.5
Mathematics
1 answer:
shusha [124]1 year ago
6 0

The income elasticity for the household is -1.05.

<h3>What is the income elasticity?</h3>

Income elasticity measures how quantity demanded changes when there is a change in the income of a person / household

Income elasticity = percentage change in quantity demanded / percentage change in income

  • percentage change in income = (3000 / 2500) - 1 = 0.2 = 20%
  • percentage change in quantity demanded =( 150 /190) - 1 = -0.21 = -21%

Income elasticity = -21% / 20 = -1.05

To learn more about income elasticity, please check: brainly.com/question/15313354

#SPJ1

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