The elasticity of demand for beef is -1.2 and the income elasticity for beef is -0.2. Therefore, beef is normal, substitute inelastic, substitute substitute, inferior elastic, inferior normal, elastic

Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data shows that the quantity demanded of organic lemonade drinks changed from 80 to 85. Compute the income elasticity for organic lemonade drinks, is organic lemonade a normal or an inferior good?

When the price of cheddar cheese increases 15%, quantity demanded decreases 15%. The price elasticity of demand for cheddar cheese is and total revenue from cheddar cheese sales will Select one: a. unit elastic; not change b. inelastic; decrease D) unit elastic; not C. elastic; increase d. elastic; decrease

If the cross price elasticity of demand for Pepsi with respect to the price of Coca Cola is -0.64, then (please choose all the answers that are correct)     Pepsi is a substitute for Coca Cola.     Pepsi is a complement for Coca Cola         Pepsi is more preferred than Coca Cola.     a decrease in the price of Coca Cola will cause demand for Pepsi Cola to increase.     Pepsi is less preferred than Coke     an increase of 10% in the price of Coca Cola will cause demand for Pepsi Cola decrease by 6.4%.