#32 #33 QUESTION 32Use the following information about the demand elasticities for apples's in the US to answer the questions that follow.Own-price elasticity: -0.45Cross-price elasticity with bananas: 0.15Cross-price elasticity with eggs: -0.30Income elasticity: 0.15Which of the following is true?O a. Apples are a complement for eggs and bananasO b. Apples are complement for bananas and a substitute for eggsO C. Apples are a complement for eggs and a substitute for bananas.O d. Apples are a substitute for eggs and bananasQUESTION 33The table below provides some estimates of elasticities studied in this course. Use them to answer the questions that follow.EstimateType of ElasticityPrice elasticity of demand for cigarettes-0.25Price elasticity of supply for cigarettes0.90Income elasticity of demand for cigarettes-0.2Cross-price elasticity of demand for cigarettes and alcohol 0.30Suppose that the price of cigarettes was raised by 10%, we would expectO a. Quantity demanded to fall by 40%O b.Quantity demanded to fall by 2.5%Oc. Quantity demanded to fall by 12.5%O d.Quantity demanded to fall by 25%

The positive or negative signs of cross elasticity help us to understand the nature of good. The…

Use the following information about the demand elasticities for apples's in the US to answer the questions that follow. Own-price elasticity: -0.45 Cross-price elasticity with bananas: 0.15 Cross-price elasticity with eggs: -0.30 Income elasticity: 0.15 Which of the following is true? O a. Apples are a complement for eggs and bananas O b. Apples are complement for bananas and a substitute for eggs O C. Apples are a complement for eggs and a substitute for bananas. O d. Apples are a substitute for eggs and bananas

Use the following information about the demand elasticities for apples's in the US to answer the questions that follow. Own-price elasticity: -0.45 Cross-price elasticity with bananas: 0.15 Cross-price elasticity with eggs: -0.30 Income elasticity: 0.15 Which of the following is true? O a. Apples are a complement for eggs and bananas O b. Apples are complement for bananas and a substitute for eggs O C. Apples are a complement for eggs and a substitute for bananas. O d. Apples are a substitute for eggs and bananas

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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