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How do you find income elasticity with total utility?
Hours/month Total Utility Windsurfing Total Utility Snorkeling
0_____________0____________________0 1_____________60___________________20 2_____________110__________________38 3_____________150__________________53 4_____________180__________________64 5_____________200__________________70 Devon's total income rises from $35 to $55, ceteris paribus. Given that Devon changes his of choice of windsurfing and snorkeling, what is his income elasticity for windsurfing? |
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