1. Answer the following questions: a. Find the cross elasticity of demand between X and Y, and X and Z with the following data:(in the image) b. Are these commodities substitution or complementary?

Timmy is selling his toy dinos again. The consumer demand curve for thedinos is given by: x=(50-3p)^2 where p is the price per dino, and x is the demand in weekly sales. a.) Find the Elasticity of Demand function E(p) and evaluate it at the price p = $5.Is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means inyour own words. b.) Find the price Timmy needs to charge for his dinos in order to maximize revenue.(Round your answer to the nearest cent.)

If Good C increases in price by 3030% a pound, and this causes the quantity demanded for Good D to increase by 40%40%, what is the cross-price elasticity of the two goods? Round your answer to one decimal place.

In a study of the demand for automobiles in Canada, economists Blomqvist and Hassel distinguished between large and small cars and estimated the price and cross- price elasticities as well as the effects of the price of gasoline on the demands for small and large cars. Their results were as follows: a. C. New large cars New small cars d. Own price elasticity 1.26 2.30 Cross price elasticity 0.86 1.73 Elasticity with respect to gasoline price Note: The cross-price elasticities show that the demand for new small cars is more responsive to changes in the price of new large cars than the demand for new large cars is to changes in the price of new small cars. Do the cross-price elasticities have the expected sign? Briefly explain. b. If the price of new small cars went up by, say, 5 percent, by what percentage would new small car purchases change? {Note: In your answer to this and all of the remaining parts of this question, please indicate whether the change is an increase or a decrease.}…