Q: An Income Elasticity of Demand eᵢ is
(a)(Q₂ − Q₁)/(I₂ − I₁) × (I₂ + I₁)/(Q₂ + Q₁)
(b)(Q₂ + Q₁)/(I₂ − I₁) × (I₂ + I₁)/(Q₂ + Q₁)
(c)(Q₂ − Q₁)/(I₂ + I₁) × (I₂ − I₁)/(Q₂ + Q₁)
(d)(Q₂ − Q₁)/(I₂ + I₁) × (I₂ + I₁)/(Q₂ + Q₁)
Correct Answer: (a)
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