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zheka24 [161]
3 years ago
9

As the average hourly wage increases from $18 per hour to $20 per hour, the quantity of frozen dinners demanded decreases from 3

,550 to 3,350. What is the income elasticity of demand for frozen dinners? Round your answer to the nearest hundredth. Your answer may be a positive or negative number.
Business
1 answer:
horrorfan [7]3 years ago
7 0

Answer:

The income elasticity of demand for frozen dinners is negative when there is an increase of hourly wages. -51%

Explanation:

When the income elasticity is negative it means that the good is inferior so when the income is increased, the demand of the good decrease beacuse its demand change to a better quality good. For instance in this case a fresh meal.

income elasticity % = % change in quantity / % change in income

(((3350-3550)/3550)/((20-18)/18))*100

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