The table shows the average income of households and the
quantity demanded of products M and N at different prices and
levels of income.
a) What is the price elasticity of demand for product M between
years 1 and 2? Round your answers to 2 decimal places.
b) What is the price elasticity of demand for product N between
years 2 and 3? Round your answers to 2 decimal places.
c) What is the income elasticity of demand for product M between
years 3 and 4? Round your answers to 2 decimal places.
d) What is the income elasticity of demand for product N between
years 3 and 4? Round your answers to 2 decimal places.
e) What is the cross-elasticity of demand of product M for a
change in the price of product N between years 2 and 3? Round
your answers to 2 decimal places and remember to enter a minus (−)
sign to indicate negative values.
The table shows the average income of households and the quantity demanded of products M and N at different prices and l
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