Answer below three question with detail calculation and explaination Make sure Use Midpoint formula: 1. If the price ela
Posted: Fri Jul 01, 2022 7:54 am
Answer below three question with detail calculation andexplaination Make sure Use Midpointformula:
1. If the price elasticity of demand forcigarettes is 0.4 and the quantity demanded increases by 6.2 percent, what does the percent change in theprice equal ?
2.
If consumer incomes increase by 22% overall, and the quantitydemanded for the good decreases by 16%, calculate the incomeelasticity of demand for the good: ________________
ii) The two goods above are ________________
a) inferior
b) normal
c) independent
d) complements
1. If the price elasticity of demand forcigarettes is 0.4 and the quantity demanded increases by 6.2 percent, what does the percent change in theprice equal ?
2.
If consumer incomes increase by 22% overall, and the quantitydemanded for the good decreases by 16%, calculate the incomeelasticity of demand for the good: ________________
ii) The two goods above are ________________
a) inferior
b) normal
c) independent
d) complements