# Economics

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Written Answer:

Show calculations and respond to questions for the following example. Use either arc convention or the normal % change formula. Specify what you used.

Quantity of

Demand Income

Period 1 100 \$25,000

Period 2 125 \$35,000

a)% change demand=
b)% change income=
c)income elasticity of demand=
d)elastic or inelastic=

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