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The income elasticity of demand for bagels is 0.48. Bagels is a normal good. Income elasticity of demand for donuts is -0.31. Donuts is an inferior goods.
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What is income elasticity of demand?</h3>
Income elasticity of demand measures how the quantity demanded of a good changes when there is a change in income. Inferior goods have a negative income elasticity. Normal goods have a positive income elasticity.
Income elasticity of demand = percentage change in quantity demanded / percentage change in income
Income elasticity of demand for bagels:
percentage change in quantity demanded = (10 /6) - 1 = 0.667 = 66.7%
percentage change in income = ($6000 / $2500) - 1 = 1.4 = 140%
Income elasticity of demand = 66.7 / 140 = 0.48
Income elasticity of demand for donuts:
percentage change in quantity demanded = (8/14) - 1 = -0.429 = 42.9%
percentage change in income = ($6000 / $2500) - 1 = 1.4 = 140%
Income elasticity of demand = -42.9/ 140 = -0.31
To learn more about income elasticity, please check: brainly.com/question/26580369
Answer:
Bordered by Jordan to the east and by Israel and Palestine to the west, the Dead Sea is a landlocked lake rather than a true sea, and is recognized as one of the saltiest bodies of water on Earth. Its name is well earned — no fish, birds or plants can survive in its high-saline environment
D - Mongolia. This is because it is a landlocked country which means it is only surrounded by countries, not oceans. Therefore, it would not have access to big oceans/seas.
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