Sylvia allocates her monthly income between Food and Housing.Her budget share spent on food in a given month is always 30%,and for Sylvia,food is a "necessity" (income elasticity between zero and one).Derive the maximum and minimum values for the income elasticity of demand for housing.

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The Answer of Sylvia allocates her monthly income between Food and Housing.Her budget share spent on food in a given month is always 30%,and for Sylvia,food is a "necessity" (income elasticity between zero and one).Derive the maximum and minimum values for the income elasticity of demand for housing.

Sylvia Allocates Her Monthly Income Between Food and Housing