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The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing the price variable with income (economists use the letter Y to denote income) in the midpoints formula. Again, in business planning the responsiveness of consumers to changes in their income may be very significant. Housing and automobiles, as well as, various big ticket luxury items have demand thatis sensitive to changes in income. The income elasticity formula is presented below.
Ed = Change in Qty ÷ Change in income
(Q1 + Q2)/2 (Y1 + Y2)/2
1. Igora's pizzeria want to know if it should stay open this spring. Total Revenue will be $ 12,000 per week and Total Cost will be $ 18,000 per week. The fixed cost of running the
TC = Q3 – 8Q2 + 68Q + 4, get the median and mode
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