Answer:
4.20 and normal good
Explanation:
The computation of the income elasticity of demand is shown below:
= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in income ÷ average of quantity income)
where,
Change in income would be
= Q2 - Q1
= 109,500 - 102,300
= 7,200
And, average of income would be
= (109,500 + 102,300) ÷ 2
= 105,900
Change in quantity demanded would be
= 4 - 3
= 1
And, average of quantity demanded would be
= ($4 + 3) ÷ 2
= 3.5
So, after solving this, the income elasticity of demand is 4.20
Since the elasticity comes in positive which means the good is a normal goods
Answer: Option D
Explanation: In simple words, price elasticity refers to the degree of change in demand of a commodity with respect to change in its price. It generally shows the fact that when the price of a commodity rises the demand for ti decreases due to various phenomenon coming into force such as income effect etc.
The price elasticity is calculated by dividing the change in quantity demanded with the change in price.
Knowing your income will help you create a budget that allows to pay for living expenses
I believe the answer is (D): a study routine. I had the same problem in the past, and I didn't want to quit anything, so I found a study routine to be able to squeeze in my studying.
Richard Buskirk said that the ideal business would have no employees or minimal labor requirements. He said the business owners should do everything yourself, subcontract the rest, because this avoid benefits, labor hassles, government reporting.
He is advocating for a one-man show.
