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? (hint: Use the income-elasticity values in Table 3-4)
Table 3-4 Estimated income elasticity of demand (EI) for Selected commodities
Commodity Income Elasticity
Wine (Canada) 2.59
Beef (US) 1.06
Cheese (UK) 0.37
Chicken (US) 0.28
Potatoes (UK) -0.32
Flour (US) -0.36
Electricity (household, US) 1.94
European Cars (US) 1.93
Asian Cars (US) 1.65
Domestic Cars (US) 1.63
Gasoline (US) 1.20
Cigarettes (US) 0.50
This question was answered on: May 23, 2022
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