the answer for 25 is A. 0.3, right? **Chapter 1: Demand and Supply Analysis: Introduction**---**24. The income elasticity of demand for private universities is closest to:**A. 0.5 B. 0.8 C. 1.3 ---**25. The cross-price elasticity of demand for private universities with respect to the average price of public universities is closest to:**A. 0.3 B. 3.1 C. 3.9 ---**26. If the cross-price elasticity between two goods is negative, the two goods are classified as:**A. normal. B. substitutes. C. complements. (Circled) ---This section explores the concepts of income elasticity and cross-price elasticity, specifically in the context of higher education institutions such as private and public universities. It provides multiple-choice questions for educational purposes, highlighting how these economic concepts are applied in real-world scenarios.

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24. The income elasticity of demand for private universities is closest to: А. 0.5. В. 0.8. С. 1.3. CHAP

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

the answer for 25 is A. 0.3, right?

**Chapter 1: Demand and Supply Analysis: Introduction**

---

**24. The income elasticity of demand for private universities is closest to:**

A. 0.5
B. 0.8
C. 1.3

---

**25. The cross-price elasticity of demand for private universities with respect to the average price of public universities is closest to:**

A. 0.3
B. 3.1
C. 3.9

---

**26. If the cross-price elasticity between two goods is negative, the two goods are classified as:**

A. normal.
B. substitutes.
C. complements. (Circled)

---

This section explores the concepts of income elasticity and cross-price elasticity, specifically in the context of higher education institutions such as private and public universities. It provides multiple-choice questions for educational purposes, highlighting how these economic concepts are applied in real-world scenarios.

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