Q1 Consider the following estimated price, cross and income elasticity for selected commodities in the Canadian market. Fill in the blanks based on the fact whether the Demand is elastic, inelastic Products are substitutes or complements Products are inferior, normal or independent Estimated coefficients of elasticity and types of goods/products: Ey for mixed fruit is 3.25. This product is ……………….. Exy for cheese and butter is -0.25. These products are ………………… Ed for life saving medicine = 0. Demand for medicine is ………………. Exy for onion and laptop is 0. These products are ……………….. Exy for electricity and natural gas is 1.2. These products are ……………….. Ed for juice is 2.4. The demand for juice is …………………….. Ed for salt is 0.15. The demand for salt is………………… Ey for whole wheat bread is -0.5. This product is ………………….
Q1 Consider the following estimated price, cross and income elasticity for selected commodities in the Canadian market. Fill in the blanks based on the fact whether the Demand is elastic, inelastic Products are substitutes or complements Products are inferior, normal or independent Estimated coefficients of elasticity and types of goods/products: Ey for mixed fruit is 3.25. This product is ……………….. Exy for cheese and butter is -0.25. These products are ………………… Ed for life saving medicine = 0. Demand for medicine is ………………. Exy for onion and laptop is 0. These products are ……………….. Exy for electricity and natural gas is 1.2. These products are ……………….. Ed for juice is 2.4. The demand for juice is …………………….. Ed for salt is 0.15. The demand for salt is………………… Ey for whole wheat bread is -0.5. This product is ………………….
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q1 Consider the following estimated price, cross and income elasticity for selected commodities in the Canadian market. Fill in the blanks based on the fact whether the
- Demand is elastic, inelastic
- Products are substitutes or complements
- Products are inferior, normal or independent
Estimated coefficients of elasticity and types of goods/products:
- Ey for mixed fruit is 3.25. This product is ………………..
- Exy for cheese and butter is -0.25. These products are …………………
- Ed for life saving medicine = 0. Demand for medicine is ……………….
- Exy for onion and laptop is 0. These products are ………………..
- Exy for electricity and natural gas is 1.2. These products are ………………..
- Ed for juice is 2.4. The demand for juice is ……………………..
- Ed for salt is 0.15. The demand for salt is…………………
- Ey for whole wheat bread is -0.5. This product is ………………….
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