As the average hourly wage increases from $20 per hour to $21 per hour, the quantity demanded of smartphones increases from 4,900 to 5,250. What is the income elasticity of demand for smartphones?

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05-10-2022
Mathematics

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As the average hourly wage increases from $20 per hour to $21 per hour, the quantity demanded of smartphones increases from 4,900 to 5,250. What is the income elasticity of demand for smartphones?

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