Suppose that when the price of jelly rises by 20%, the quantity of peanut butter demanded at the current price of peanut butter falls by 10%. When income rises by 10%, the quantity of peanut butter demanded at the current price increases by 2%. Calculate the income elasticity of demand for peanut butter.

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01-07-2021
Business

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Suppose that when the price of jelly rises by 20%, the quantity of peanut butter demanded at the current price of peanut butter falls by 10%. When income rises by 10%, the quantity of peanut butter demanded at the current price increases by 2%. Calculate the income elasticity of demand for peanut butter.

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