The cross price elasticity between a pair of complementary goods will be Select one: a.Zero b.Positive c.Positive or zero depending upon the strength of the relationship d.Negative

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3. Suppose that as the income level increases by 10% that the quantity demanded of that same item increases by 6%. a. Calculate the income elasticity of demand. b. What two things does the value in a tell you about the good in question?

b. A 10% increase in income increases his consumption for the good by 20%. Compute the elasticity and determine the type of good.

Figure 4-6Refer to Figure 4-6.  The movement from D’ to D could be caused by   a. an increase in the price of a complement.   b. a decrease in income, assuming the good is inferior.   c. a decrease in price.   d. buyers expecting the price of the good to fall in the near future.

3. If goods R and K have a cross elasticity of -3 and goods R and S have a cross elasticity of 5, then, what relationship exists between goods R and K? between R and S?

1. What is price of elasticity? Explain many types of price elasticity and give complete your answer with value for each type elasticity

11 BIUA + Arlal I| II1 I I 2 The following questions are about income elasticity of demand. 9) Mr. Leon's income increased by 10%. (His "mommy" gave him a raise in his allowance because he was a "good little boy.") His consumption of Lego's then increased by 25%. Calculate his income elasticity. Does this imply that Lego's are a regular or an inferior product for Mr. Leon? 10) Mr. Mendivil's income increased by 20%. His consumption of pictures of Mr. Leon then decreased by 100%. Calculate the income elasticity of demand for the product. Does this imply that pictures of Mr. Leon are regular or inferior products? 11) Larry the Wild & Crazy Monkey saw a decrease in his income by 25%. With this, his consumption of berries increased by 50%. Calculate his income elasticity of demand. What can we conclude about berries as a consumer good for Larry the Wild & Crazy Monkey? Explain. ip lili 司

If the cross-price elasticity of demand for good A when the price of B changes is negative that indicates:   a.     That goods A and B are supplementary goods. b.     That goods A and B are complementary goods. c.     That goods A and B are necessity goods. d.     That goods A and B are inferior goods.

u are told that the cross-price elasticity between goods X and Y is2.0. This means that a. Goods X and Y are normal goods. b. Goods X and Y are inferior goods. c. Goods X and Y are complementary goods. Goods X and Yare substitute goods.