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ELEN [110]
3 years ago
5

Timmy's income is $500 per week. At a price of $1 per mango, Timmy buys 4 mangoes. Timmy's income increases to $560 per week and

Timmy's consumption of mangoes increases to 6. What is Timmy's income elasticity of demand for mangoes?
Business
1 answer:
sertanlavr [38]3 years ago
5 0

Answer:

income elasticity of demand for mangoes =  3.53

Explanation:

given data

income is $500 per week

mango price = $1  

buys =  4 mangoes

income increases = $560 per week

mangoes increases =  6

solution

we get here income elasticity of demand for mangoes that is express as

income elasticity of demand for mangoes = \frac{\frac{6-4}{(6+4)/2} }{\frac{560-500}{(560+500)/2} }        

income elasticity of demand for mangoes =  3.53

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