When income is $100 per week, 10 gallons of gas is demanded. When income is $140 per week, 15 gallons of gas is demanded. The income elasticity of demand for gallons of gas equals:

1.25

Explanation:

The income elasticity if demand measures how responsive demand is to a change in income. It can be obtained by dividing the percentage change in quantity demanded by the percentage change in income.

In this question, the % change in quantity demanded is 50%. This is because there is a change of exactly half.

The percentage change in income is 40%. There is a rise from 100 to 140

The income elasticity is thus equals 50%/40% = 1.25

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

hi there, i would say your answer is:

b. there is a fixed quantity of resources and technology available.

hope that : )