3. The quantity demanded of good X rises from 130 to 145 units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand for good X? 4. The quantity supplied of a good...

3. The quantity demanded of good X rises from 130 to 145 units as income

rises from $2,000 to $2,500 a month. What is the income elasticity of

demand for good X?





4. The quantity supplied of a good rises from 120 to 140 as price rises from $4

to $5.50. What is price elasticity of supply of the good?