Try another version of these questions

Question 1

Suppose that when income increases from $2900 to $3200 quantity demanded changes from 200 to 160.

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

 

Hint


Question 2

Suppose that the income increases from $2900 to $3100. 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 $21 to $49. As a result, quantity demanded for another product changes from 230 to 210.

Based on this information, calculate cross-price elasticity:

 

Hint




Question 4

Suppose that the price of one product increases from $17 to $47. As a result, quantity demanded for another product changes from 180 to 220.

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

 

Hint