economics

posted by .

If there has been a 10 percent increase in consumer income between two periods, what was the percentage change in the demand for foreign travel. The income elasticity for foreign travel is 1.93

  • economics -

    change in quantity demand for foreign travel is 19.3%

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics

    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 …
  2. Managerial Economics

    I need assistance with the following question: A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. auto makers intend …
  3. Economics

    If the income elasticity of demand is 3/4 and the interest elasticity of demand is -1/4, by what percent does money demand rise if income rises 10% and the nominal interest rises from 4% to 5%. Thanks!
  4. Economics- please check

    Please check to see if my answers are correct. Complete each sentence by choosing the correct answer from the list of terms below. You will not use all of the terms. *normal good *complements *income effect *demand curve *ineleastic …
  5. economics

    I know this might be basic.....but I am still not sure about subject of elasticity?
  6. Economics

    The Own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good …
  7. Economics: Price Elasticity

    Please check my answers whether they are correct or not. If not, please help me why they are wrong. Thank you. Question 1: Point: A (300, 1000) Point B: (200, 1200) According to the midpoint method, the price elasticity of demand for …
  8. economics

    suppose the income elasticity of demand for toys is +2.00. this means that a. a 10 percent increase in income will increase the purchase of toys by 20 percent b. a 10 percent increase in income will increase the purchase of toys by …
  9. managerial economics

    Explain the relationship between product X, product Y and product Z or the properties of each according to the following statements a. Cross price elasticity between X and Y is -4 b. Cross price elasticity between X and Y is 12 c. …
  10. managerial economics

    4. The equation for a demand curve has been estimated to be Q = 100 – 10P + 0.5Y where Q is quantity, P is price, and Y is income. Assume that P = 7 and Y = 50. a. Interpret the equation. b. What is price elasticity at P = 7 and …

More Similar Questions