B. As a result of a change in income from 1,975 to 3,875 per month, the consumption of good X changes from 300 to 600 units. Part 3: The elasticity is Part 4: Good X is a(an) (inferior, normal, complements or substitutes) C. As a result of a decrease in the price of good Y from 39 to 12 the demand for good X changes from 150 to 500 units. Part 5: The elasticity is Part 6: These goods are(inferior, normal, complements or substitutes)
B. As a result of a change in income from 1,975 to 3,875 per month, the consumption of good X changes from 300 to 600 units. Part 3: The elasticity is Part 4: Good X is a(an) (inferior, normal, complements or substitutes) C. As a result of a decrease in the price of good Y from 39 to 12 the demand for good X changes from 150 to 500 units. Part 5: The elasticity is Part 6: These goods are(inferior, normal, complements or substitutes)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer all of B and All of C
Calculate the elasticity for the following questions (USING THE MIDPOINT (AVERAGE) FORMULA)
(Please Include The Negative signs in your answers where appropriate and calculate to 2 decimals)
Transcribed Image Text:B. As a result of a change in income
from 1,975 to 3,875 per month, the
consumption of good X changes from
300 to 600 units.
Part 3: The elasticity is
Part 4: Good X is a(an) (inferior, normal,
complements or substitutes)
C. As a result of a decrease in the price
of good Y from 39 to 12 the demand for
good X changes from 150 to 500 units.
Part 5: The elasticity is
Part 6: These goods are(inferior, normal,
complements or substitutes)
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