Suppose that when income increases from $2750 to $3500 quantity demanded changes from 200 to 160.

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

Hint

Suppose that the income increases from $2400 to $3350. As a result, quantity demanded changes from 180 to 200.

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

Hint

Suppose that the price of one product increases from $13 to $44. As a result, quantity demanded for another product changes from 230 to 180.

Based on this information, calculate cross-price elasticity:

Hint

Suppose that the price of one product increases from $30 to $49. As a result, quantity demanded for another product changes from 160 to 180.

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

Hint

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: Select the best answer

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: Select the best answer