What is the income elasticity coefficient for Good X between $100 and $90? (Round to hundredth please.)
Row | Price of Good X | Quantity Demand of Good X | Quantity Supply of Good X | Price of Good Y | Buyer's Income |
|---|---|---|---|---|---|
1 | $1 | 40 | 15 | $10 | $120 |
2 | 2 | 38 | 15 | 11 | $110 |
3 | 3 | 36 | 26 | 12 | $110 |
4 | 4 | 28 | 28 | 13 | $105 |
5 | 5 | 18 | 35 | 13 | $100 |
6 | 6 | 3 | 50 | 14 | $90 |
7 | 6 | 3 | 100 | 10 | $50 |
Use this table for ALL calculations. Heads up...there are NO mistakes in this table. The table may or may not represent functions that you are familiar with. FOCUS only on the parts of the table that are requested in your problem.
Relatively Price Inelastic
Perfectly Price Elastic
Perfectly Price Inelastic
Between 1 and Infinity
Between 0 and 1
Infinite