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    Income Elasticity

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    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.

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    https://brainmass.com/economics/demand-supply/income-elasticity-21022

    Solution Preview

    <br>Income Elasticity = (percentage change in demand of X) divided by (percentage change in income), with price of ...

    Solution Summary

    Indicate which determinants of demand are variable and which are fixed.

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