Assuming there are three determinants for demand of good X. There are price of good X and Y and money income. How to find out and calculate 1.INCOME ELASTICITY 2.CROSS-PRICE ELASTICITY 3.OWN PRICE ELASTICITY. Make sure have to Indicate which determinants of demand are variable and which are fixed.© BrainMass Inc. brainmass.com November 24, 2022, 11:47 am ad1c9bdddf
<br>Income Elasticity = (percentage change in demand of X) divided by (percentage change in income), with price of ...
Indicate which determinants of demand are variable and which are fixed.