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Suppose the govt increases personal tax rate by 5% - the income elasticity for Product A is 2.4 - what is the resultant percentage change in quantity demanded of Product A?

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Suppose the govt increases personal tax rate by 5% - the income elasticity for Product A is 2.4 - what is the resultant percentage change in quantity demanded of Product A?
Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
124 Votes
Suppose the govt increases personal tax rate by 5% - the income elasticity for Product A is 2.4 -
what is the resultant percentage change in quantity demanded of Product A?
Answer:
Income elasticity of demand measure the degree of responsiveness in quantity demanded of a
good due to change...
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