Suppose the cross-price elasticity of café latte to the price of milk is -0.6. If the price of milk rises by 20%, what happens to the quantity of lattes demanded? What can you say about the relationship of these two goods?

Suppose the income elasticity of demand for food is 0.5 and the price casticity of demand -1.0. Suppose also that your housemate Claire spends $10,000 per year on food, that the price of food is $4, and that her Acome is $50,000. a) If a S4 sales tax on food were to cause the price of food to double, how much food woukl Claire's consume? b) Suppose she is given a state sales tax rebate of $5,000 to case the effect of the tax." Now how much food would she-cat? c) Briefly discuss how you know whether she would be better or worse off when given a rebate to the sales tax payments?

Suppose the income elasticity of demand for shoes is 1.6.  This means      a 1.6% increase in income will decrease quantity demanded of shoes by 1%     a 1% increase in income  will increase quantity demanded of shoes by 1.6%     a 1% increase in income will decrease quantity demanded of shoes by 1.6%     a 1.6% increase in income wll increase quantity demanded of shoes by 1%

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Use the graph for Yolanda's Frozen Yogurt Stand to answer the questions that follow Use the midpoint formula to calculate the price elasticity of demand for D, between point A and point C and the price elasticity of demand for Dy between point A and point Price elasticity of demand for D- (Enter your response rounded to two decimal places Be sure to include the mus sign (BUID JA AMIN) POL 4.00 3.15- 330 335 300 275 250 225 200 UN 1304 125 1.00 17H 650 she 100 Quanty (on per day) Di

Which of the following statement is correct about the price elasticity of car and the price elasticity of ice creama. The price elasticity of car is lower than the price elasticity of ice cream.b. The price elasticity of car is greater than the price elasticity of ice cream. c. There is not any relation between the price elasticity of car and the price elasticity of ice cream.d. All answers are wrong

Briefly explain the concept of price elasticity of demand and income elasticity of demand. Discuss how the knowledge of price elasticity and income elasticity might be a practical use to a firm that sells smart phones and also to the consumer as user. You may use any diagram to support your explanation.

2. The accompanying table lists the cross - price elasticities of demand for several goods, where the percent quantity change is measured for the first good of the pair, and the percent price change is measured for the second good. a. Explain the sign of each of the cross - price elasticities. What does it imply about the relationship between the two goods in question? b. Compare the absolute values of the cross - price elasticities and explain their magnitudes. For example, why is the cross - price elasticity of McDonald's burgers and Burger King burgers less than the cross - price elasticity of butter and margarine? Use the information in the table to calculate how a 5% increase in the price of Pepsi affects the quantity of Coke demanded. d. Use the information in the table to calculate how a 10% decrease in the price of gasoline affects the quantity of SUVS demanded. Cross-price Good elasticities of demand Air - conditioning units and kilowatts of electricity Coke and Pepsi High -…

6. The demand for coffee is given by the function: Q = 8.5-p-0.3p + 0.1Y, where p is the price of coffee, ps is the price of sugar, and Yis consumer income. a. Calculate the income elasticity of demand when Q = 10 and Y = 30 and interpret your answer. b. Calculate the cross-price elasticity of demand when Q = 1 and P = 0.6 and interpret your answer.

econ mcq! May I ask how do I get the answer as well?