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Suppose that when income increases from $2650 to $3300 quantity demanded changes from 210 to 210.
Using the mid-point elasticity approach, calculate income elasticity.
Suppose that the income increases from $ to $. As a result, quantity demanded changes from to .
Based on this information you can tell that this products is:
Suppose that the price of one product increases from $ to $. As a result, quantity demanded for another product changes from to .
Based on this information, calculate cross-price elasticity:
Suppose that the price of one product increases from $ to $. As a result, quantity demanded for another product changes from to .
Based on this information you can tell that these two products are:
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
Box 2:
Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
Box 4: