Solutions Economics

If there has been a 10 percent increase in consumer income between two periods, what was the percent

Question: If there has been a 10 percent increase in consumer income between two periods, what was the percentage change in the demand for gasoline products? For flour? (Hint: use the income elasticity values in Table 3-4).

Commodity	Income Elasticity
Wine (Canada)	2.59
Beef (US)	1.06
Cheese (UK)	0.37
Chicken (US)	0.28
Potatoes (UK)	-0.32
Flour (US)	-0.36
Commodity	Income Elasticity
Electricity (household US)	1.94
European cars (US)	1.93
Asian cars (US)	1.65
Domestic cars (US)	1.63
Gasoline (US)	1.20
Cigarettes (US)	0.50