The quantity demanded of Good A has recently increased by 15% in response to an increase in income. By how much must income have increased (as a percentage) for the income elasticity of demand to equal 1.5

10%

Explanation:

As the quantity demanded of Good A has recently increased by 15% in response to an increase in income which means that the percentage change in quantity demanded is 15%.

The question is that how much must income have increase (as a percentage) for the income elasticity of demand to equal 1.5.

That means, we will have to find the percentage change in  income.

Now, as we know, Income elasticity of demand is:

By cross multiplication:

Therefore, the quantity demanded of Good A has recently increased by 15% in response to an increase in income by 10% and hence the income elasticity of demand is equal to 1.5.

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