The following table below shows the information on price, quantity of goods and income level. PRICE OF GOOD A QUANTITY GOOD A GOOD B GOOD C 20 150 80 40 30 100 50 70 Based on the information above, a) Calculate the price elasticity of demand for good A when the price increases from RM 20 to RM 30. b) Calculate the cross-price elasticity of demand for good A and Good B when price increases from RM 20 to RM 30. State the relationship between good A and Good B and give an example of good that has the same relationship with A and good B. c) Calculate the cross-price elasticity of demand for good A and good C when price increases from RM 20 to RM 30. State the relationship between good A and good C and provide an example of good that has the same relationship with A and good
The following table below shows the information on
| PRICE OF GOOD A | QUANTITY | ||
| GOOD A | GOOD B | GOOD C | |
| 20 | 150 | 80 | 40 |
| 30 | 100 | 50 | 70 |
Based on the information above,
a) Calculate the
b) Calculate the cross-price elasticity of demand for good A and Good B when price increases from RM 20 to RM 30. State the relationship between good A and Good B and give an example of good that has the same relationship with A and good B.
c) Calculate the cross-price elasticity of demand for good A and good C when price increases from RM 20 to RM 30. State the relationship between good A and good C and provide an example of good that has the same relationship with A and good C.
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