38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15% decrease in the quantity of beef the consumer demands. If the consumer has an Ancome elasticjty of demand.of 1.0 for beef, what is her new income? a. RO 2700, b. RO 3000. C. RO 1700 d. RO 3300. 15 |-0 = 300 -1,7

38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15% decrease in the quantity of beef the consumer demands. If the consumer has an Ancome elasticjty of demand.of 1.0 for beef, what is her new income? a. RO 2700, b. RO 3000. C. RO 1700 d. RO 3300. 15 |-0 = 300 -1,7

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 8SCQ: The avenge annual income rises from 25,000 to 33,000, and the quantity of bleed consumed in a year...

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Question

38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15%
decrease in the quantity of beef the consumer demands. If the consumer has an
Ancome elasticjty of demand.of 1.0 for beef, what is her new income?
a. RO 2700,
b. RO 3000.
C. RO 1700
d. RO 3300.
15
|-0 =
300
-1,7

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