Income elasticity of demand

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When your income goes up to $50,000 from $40,000, demand for Scotch Whiskey increases from 500 to 600. Calculate income elasticity of demand.

Reference no: EM13853906

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Income elasticity of demand : When your income goes up to $50,000 from $40,000, demand for Scotch Whiskey increases from 500 to 600. Calculate income elasticity of demand.

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