Please calculate using midpoint average formula D. As a result of an economic boom inCalgary, the average income increasesfrom 2,800 to 7,700 per month and as aresult the demand for new housesincreases from 180 to 260 units.Part 7: The elasticity is,Part 8: New houses are a(an) (inferior,normal, complements or substitutes) ull Fido ?11:50 AM100% 4D( NotesA. The price of gasoline increases from16 per barrel to 30 per barrel and as aresult, the demand per month for newcars changes from 550 to 300.Part 1: The elasticity isPart 2: These goods are (inferior,normal, complements or substitutes)B. As a result of a change in incomefrom 1,975 to 3,875 per month, theconsumption of good X changes from300 to 600 units.Part 3: The elasticity isPart 4: Good X is a(an) (inferior, normal,complements or substitutes)C. As a result of a decrease in the priceof good Y from 39 to 12 the demand forgood X changes from 150 to 500 units.Part 5: The elasticity isPart 6: These goods are(inferior, normal,complements or substitutes)

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D. As a result of an economic boom in Calgary, the average income increases from 2,800 to 7,700 per month and as a result the demand for new houses increases from 180 to 260 units. Part 7: The elasticity is Part 8: New houses are a(an) (inferior,

D. As a result of an economic boom in Calgary, the average income increases from 2,800 to 7,700 per month and as a result the demand for new houses increases from 180 to 260 units. Part 7: The elasticity is Part 8: New houses are a(an) (inferior,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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