A weekly income of a clerk was increased from #100 to #125 as a result of his promotion in the office. He is able to purchase 300 loaves of bread instead of 200 loaves per week
(a) Calculate the Co-efficient of his income elasticity of demand
(b) Is the demand elastic or inelastic
(c) What type of goods is bread to the consumers?
Explain?
In Economics
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Asked by Sammy on 22nd April, 2025
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