Please answer bothThank you Calculate the elastielty for the following questions (USING THE MIDPOINT (AVERAGE) FORMULA) nd indicate the goods are1. teor2. Nomal3. Complemens, or4. Subses(Please Include The Negative signs in your answers where appropriate and calculate to 2 decimal)A. The price of gasoine inoreases tom 16 per barel te 30 per barel and as a resut, the demand per morth tor new cars changes from o o 00.Part The elatoty NumberPart 2 These goods ae anwer using numbers, 14 NumberB. Asaresut of a change in income trom 1,975 to 3.475 per month, the consumpton of good X changes hrom 300 o 600 untsPart 3 The elaty NumberPart 4 Good X is aan (anwer using numbers, 14) NumberC. As a resutof a decrease in the price of good Y trom 20 to 12 he demand for good Xchanges trom 150 o s00 unitsPart The elastcty is NumberPart These goods areanswer using numbers. 14) NumberD. Asa res of an economie beom in Calgary the average income increases rom 2800 7.700 per month and as a result the demand tor new housesIncreases trom 180 to 20 unitsPart 7 The elasticity is NumberPart New houses are acan) (anwer using numbers, 14 Number Calculate marginal utility and marginal utilty per dollar for the data provided in the table below: (round to two decimal places)The Price of wine is 3The Price of Cheese is 0.14The Consumer's budget for wine and Cheese is 9.69(CHEESE)(CHEESE)(CHEESE)WEDGESOF CHEESEGLASSES(WINE)(WINE)(WINE)MARGINAL UTILITYMARGINALMARGINAL UTILITYMARGINALUTIUTY/dollarOF WINETOTAL UTILITYTOTAL UTILITYUTIUTY/dollar70NumberNumberNumberNumber16035Number65Number2253.41NumberNumberNumberNumber45288Number61Number48349The Quantity of Wine this consumer would buy to maximize utlity is: NumberNumberThe Quantity of Cheese this consumer would buy to maximize utilit is :What is the consumer's Total Utility when optimized: Number10

The price elasticity of demand is the ratio of percentage change in quantity demanded to the…

Answered: Please answer both Thank you

Please answer both Thank you

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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