Income elasticity of demand

timer Asked: Oct 19th, 2015

Question description

The COLLEGE STUDENT JEANS estimated the income elasticity of demand of jeans Gap Corporation to be 1.4. Most econ forecasts predict a 4.5% increase in incomes for students during the next year. If among the jeans sold to college students last year, 820,000 were of the Gap brand, estimate the number of additional jeans that Gap expects to sale the upcoming year. If Gap Corporation estimated that, one sales person is needed for every 800 jeans sold annually, estimate # of ppl theyneed tohire

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