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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.

- November 14, 2022 - Edwin Tunner

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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