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Troyanec [42]
3 years ago
5

If it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consum

er income increases from $100 to $300.
Business
1 answer:
svetlana [45]3 years ago
8 0

Answer:

500%

Explanation:

Given that,

Income elasticity of demand = 2.5

Consumer income increases from $100 to $300,

Therefore, percentage change in consumer income:

= [($300 - $100) ÷ $100] × 100

=  [$200 ÷ $100] × 100

= 200%

Income elasticity of demand = (% change in Quantity demanded) ÷ (% change in income)

2.5 = (% change in Quantity demanded) ÷ 200%

Hence,

% change in Quantity demanded = 2.5 × 200%

                                                       = 500%

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