Income elasticity of demand

Economics
Tutor: None Selected Time limit: 1 Day

 Blake eats two bags of generic potato chips each day, not buying any name brand chips. Blake\'s hourly wage increases from $8 to $15, and he decides to eat one name brand bag and one generic brand each day. Calculate Blake\'s income elasticity of demand for generic potato chips.

Jul 25th, 2015

Thank you for the opportunity to help you with your question!

23/35=0.65.....................

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 25th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jul 25th, 2015
...
Jul 25th, 2015
Mar 30th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer