Try another version of these questions

Question 1

Suppose that when income increases from $2450 to $3250 quantity demanded changes from 210 to 240.

Using the mid-point elasticity approach, calculate income elasticity.

 

Hint


Question 2
Eeek! $questions is not defined or needs to be an array

Suppose that the income increases from $2400 to $3150. As a result, quantity demanded changes from 220 to 220.

Based on this information you can tell that this products is:

 

Hint




Question 3

Suppose that the price of one product increases from $12 to $46. As a result, quantity demanded for another product changes from 220 to 190.

Based on this information, calculate cross-price elasticity:

 

Hint




Question 4
Eeek! $questions is not defined or needs to be an array

Suppose that the price of one product increases from $13 to $45. As a result, quantity demanded for another product changes from 200 to 200.

Based on this information you can tell that these two products are:

 

Hint