a. Use the information to sketch the income consumption curve on a graph. b. Draw the...

a. Use the information to sketch the income consumption curve on a graph.

b. Draw the Engel curves for hot dogs and hamburgers.

Income HotDogs Hamburgers

$10 3 7

15 6 9

20 10 10

c. What is the income elasticity of hot dogs for this consumer as income increases from $10 to $15? (calculate using percentage changes of income and quantity demanded).

Solutions

Expert Solution

(a)

(b)

ξ = (3/5)(10/3) = 2

Rahul Sunny answered 1 year ago

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