Business, 31.07.2021 01:40 JvGaming2001

7. Based on the following table which indicates expenditure of the household on a commodity, answer the questions that follow ( The price of the good is Br. 10. Income, (Br. / month) 10,000 20,000 30,000 , 40,000,50,000. And Quantity Demanded, (unit/month) 50, 60, 70, 80, 90 . A) Calculate income elasticity of demand, if income increases-from Br 10,000 to Br. 20,000 and if income increases from Br.40, 000 to Br. 50.000, B) Is this a normal or an inferior or a luxury good? Justify. C) Does the proportion of household income spent on this good increase or decrease as income increases ? why ?

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7. Based on the following table which indicates expenditure of the household on a commodity, answer...