1. Tme lable beIow Sho Ws the Iip between pice, quantity Price of A Qty Demand Qty Demand for A (units) for B (units) Qty Supply for A Income (RM) (RM) (units) 1.50 1500 20 1000 2500 3.50 1000 50 2000 3000 5.50 500 100 3000 3500 Calculate : (a) Price elasticity of demand for A when price change from RM1.50 to RM5.50. State the type of elasticity. (b) Income elasticity of demand for B when income changes from RM3000 to RM3500. State the type of goods for E (c) Cross elasticity of demand for A and B when price of A changes from RM3.50 to RM1.50. State the relationship. (d) Price elasticity of supply for A when price changes from RM1.50 to RM5.50

1. Tme lable beIow Sho Ws the Iip between pice, quantity Price of A Qty Demand Qty Demand for A (units) for B (units) Qty Supply for A Income (RM) (RM) (units) 1.50 1500 20 1000 2500 3.50 1000 50 2000 3000 5.50 500 100 3000 3500 Calculate : (a) Price elasticity of demand for A when price change from RM1.50 to RM5.50. State the type of elasticity. (b) Income elasticity of demand for B when income changes from RM3000 to RM3500. State the type of goods for E (c) Cross elasticity of demand for A and B when price of A changes from RM3.50 to RM1.50. State the relationship. (d) Price elasticity of supply for A when price changes from RM1.50 to RM5.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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