Suppose that the demand schedule for rice for a Saudi family is as follows: Price Quantity Demanded Of Rice Per Month (income = SR 10,000) Quantity Demanded Of Rice Per Month (income = SR 15,000) SR 5 60 70 SR 4 80 95 SR 3 100 120 SR 2 120 145 SR 1 140 170
a. Calculate the income elasticity of demand of this family as their income increases from SR 10,000 to SR15,000 if (i) the price is SR 3 and (ii) the price is SR 1.
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