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1.3 Price determination in a competitive market

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Question 4

The income elasticity of demand for organic vegetables is estimated to be +1.6. If average household incomes fall by 5%, what is the expected percentage change in the quantity demanded of organic vegetables?

−8.0%-8.0\%−8.0%

+8.0%+8.0\%+8.0%

−3.1%-3.1\%−3.1%

+3.1%+3.1\%+3.1%

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market