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Question 1

Suppose that when income increases from $2850 to$3100 quantity demanded changes from 220 to 190.

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

Hint

Question 2

Suppose that the income increases from $2550 to$3050. As a result, quantity demanded changes from 190 to 160.

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

Hint

Question 3

Suppose that the price of one product increases from $22 to$49. As a result, quantity demanded for another product changes from 130 to 210.

Based on this information, calculate cross-price elasticity:

Hint

Question 4

Suppose that the price of one product increases from $15 to$42. As a result, quantity demanded for another product changes from 130 to 180.

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

Hint