vve -> O https://www.m Principles of Economics-Allen Homework: Week 2: MEL Homew

Question

vve -> O https://www.m Principles of Economics-Allen Homework: Week 2: MEL Homework Score: 0 of 1 pt Checkpoint 3 Test A 4 When incomes in Hartford rise by 10 percent and other things remain the same, 1. the quantity demanded of frozen orange juice decreases by 4 percent and 2. the quantity demanded of fresh orange juice increases by 8 percent The income elasticity of demand for frozen orange juice is >>> Answer to 1 decimal place >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign

Explanation / Answer

income elasticity of demand for rozen orange juice = Percentage change in quantity demanded of frozen orange juice / Percentage change in income = -4 / 10 = - 0.4.

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