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k0ka [10]
3 years ago
12

Attina always spends 20 % of her income on snarfblatts. Assume that her income increases by some percentage while the price of s

narfblatts remains constant (and that all snarfblatts cost the same). What is her income elasticity of demand for snarfblatts?
Business
1 answer:
cestrela7 [59]3 years ago
6 0

Answer:

Income elasticity of demand for snarfblatts is 1.

Explanation:

the consumer spends 20% of the income on snarfblatts, thus the percentage change in consumption of the snaerblatts is equal to the percentage in income, that is:

Elasticity = % change in demand of snarfblatts/% change in income

               = 1

Therefore, Income elasticity of demand for snarfblatts is 1.

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