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Answer to Question #91505 in Microeconomics for Berenice Solomons
Question #91505
A firm sold 2 000 product units per day in 2017. The average monthly
household income in an economy increased by 25% in 2018. How many
products did the company sell in 2018 if the income elasticity for the
product was calculated at 0.4?
household income in an economy increased by 25% in 2018. How many
products did the company sell in 2018 if the income elasticity for the
product was calculated at 0.4?
Expert's answer
A firm sold 2 000 product units per day in 2017. The average monthly household income in an economy increased by 25% in 2018. How many products did the company sell in 2018
If the income elasticity for the product was calculated at 0.4, then the company sell 2000*(1 + 0.25*0.4) = 2200 products in 2018.
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