Suppose that when income increases from $2500 to $3500 quantity demanded changes from 190 to 230.

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

Hint

Suppose that the income increases from $2500 to $3100. As a result, quantity demanded changes from 190 to 180.

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

Hint

Suppose that the price of one product increases from $26 to $40. As a result, quantity demanded for another product changes from 160 to 220.

Based on this information, calculate cross-price elasticity:

Hint

Suppose that the price of one product increases from $25 to $48. As a result, quantity demanded for another product changes from 270 to 210.

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