Compute the income elasticity of demand e

Reference no: EM13188398

Suppose the likelihood that a child will attend a live theatrical performance can be modeled by
q = 0.01(-0.0078x2 + 1.6x + 4) (15 ≤ x ≤ 100).

Here, q is the fraction of children with annual household income x thousand dollars who will attend a live dramatic performance at a theater during the year. Compute the income elasticity of demand E at an income level of $20,000. (Round your answer to two decimal places.)

Reference no: EM13188398

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