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Elasticity

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Question 42

At the current market price, the weekly quantity demanded for a supermarket's own-brand budget range of canned beans is 40,000 40,000\,40,000 units. If the income elasticity of demand for this product is -1.5, what will the new weekly quantity demanded be if average consumer incomes rise by 6%?

38,40038,40038,400 units

43,60043,60043,600 units

36,40036,40036,400 units

41,60041,60041,600 units

Elasticity Questions

  1. A Level
  2. /Economics
  3. /Elasticity