Last year, Jack's income was $15,000 and he bought 50 bags of potato chips. This year his income is $18,000 and he buys 55 bags of potato chips. Therefore, Jack's
A) income elasticity of demand for potato chips is 0.52.
B) price elasticity of demand for potato chips is 0.52.
C) income elasticity of demand for potato chips is 1.66.
D) price elasticity of demand for potato chips is 1.66.
A
Economics
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A) 0.4 B) 3.1 C) 1.9 D) 3.6 E) 4.0
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An increase in both supply and demand must increase both equilibrium price and quantity.
a. true b. false
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