c. What is a “complementary good”? Give an example. Does it have a positive or negative cross-elasticity of demand?   Assume that the price cross elasticity of demand for muffins with respect to the price of coffee is (negative) - 0.7.

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18. If the income elasticity of bikes is 0.72, then bikes are A) a necessity and a normal good. B) a normal good. C) a necessity. D) an inferior good.

3. The fewer substitutes for a good, the higher its price elasticity of demand. * True False

For which product is the income elasticity most likely to be negative?  Group of answer choices 1. Bread 2. Rice 3. Used clothing 4. Cheerios cereal   A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues (as well as causing the smallest impact in society's economic welfare) if the price elasticity of demand is:  Group of answer choices 1. Inelastic. 2. Perfectly elastic. 3. Elastic. 4. Unit elastic.

4-6 Suppose that the price of croissants rises from $2 to $3 per unit. Use the mid-point approach to get the elasticity. The quantity of orange juice purchased falls from 10 million bottles to 5 million bottles. What is the cross-price elasticity of demand between croissants and orange juice? Are they complements or substitutes? The quantity of jelly purchased increases from 10 million jars to 20 million jars. What is What is the cross-price elasticity of demand between croissants and orange juice? Are they complements or substitutes?

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K Use the price-demand equation to find E(p), the elasticity of demand. x= f(p)=90-0.8eP E(p)=

Please answer attached

Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 4 percent. 4 percent