Suppose that when income increases from $2850 to $3150 quantity demanded changes from 210 to 220.

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

Hint

Suppose that the income increases from $2850 to $3000. As a result, quantity demanded changes from 180 to 150.

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

Hint

Suppose that the price of one product increases from $13 to $41. As a result, quantity demanded for another product changes from 160 to 190.

Based on this information, calculate cross-price elasticity:

Hint

Suppose that the price of one product increases from $25 to $50. As a result, quantity demanded for another product changes from 180 to 200.

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

Hint