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stira [4]
3 years ago
15

When​ Judy's income increased from ​$200 to ​$240 a​ week, she increased her demand for concert tickets by 20 percent and decrea

sed her demand for bus rides by 20 percent. Calculate​ Judy's income elasticity of demand for concert tickets and bus rides.
Business
1 answer:
aleksley [76]3 years ago
4 0

Answer:

The answer is YED for concert tickets =  20%/ 20% = 1

YED for bus rides = -20% / 20%  = -1

Explanation:

income elasticity of demand (YED) = % change in Quantity demanded / % change in income

% change in income= (240-200) / 200  * 100= 20%

YED for concert tickets =  20%/ 20% = 1

YED for bus rides = -20% / 20%  = -1

The income elasticity of demand for concert tickets and bus rides is  unitary which means the rise in income is proportionate to the increase in the quantity demanded.

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