Wayne likes to buy cheese and wine. When Wayne's income increases by 10% his demand for wine increases by 25% and his demand for cheese increases by 8%. Calculate the income elasticities of demand for these goods. Using this information what can we say about the category of good? Can we infer from this data that wine and cheese are complements?

Can you determine the income effect of the price increase? If yes, how much is it? If not, why not?

Oreos and orange juice have a negative cross-price elasticity. So, the two goods are O necessities. O complements. normal goods. inferior goods.

Give typing answer with explanation and conclusion

A 5 percent decrease in the price of avocados leads to a 20 percent increase in the quantity of salsa demanded. It appears that:   Question 26 options:   Salsa and avocados have a secret relationship that no one (except for the bananas) knows about.   salsa is a complement good to avocados.   salsa is a substitute good to avocados.   there is no relationship between demand for salsa and demand for avocados.

Q: Sally gets a raise of 12%, and as a result, her demand for burgers decreases by 9%. What is  the income elasticity of Sally’s demand for burgers? Are burgers a normal good, an inferior  good, or neither for Sally?

Solve full question please

If someone told you the cross price elasticity between driving and riding the Metro is -5, this is Group of answer choices consistent with the article. inconsistent with the article. two of the answers are correct. means both are normal goods means one is a normal good and the other is an inferior good.

Lauren's salary decreases from $34,000 to $30,000. She decides to reduce the number of outfits she purchases each year from 20 to 19. Use the midpoint method to calculate the income elasticity of demand for new outfits. Round your answer to two decimal places. This good is units a normal good and income-inelastic. a normal good and income-elastic. an inferior good.

Daria's income decreases from £80,000 to £54,000 per year. As a result, she increased her demand for take-away food by 30 percent and decreased her demand for new clothes by 20 percent. a) Calculate Daria's income elasticity of demand for (i) take-away food and (ii) new clothes. b) Comment on the nature of both items. In a newspaper article you read that the price for shirts increased by 23% and the demand for pullovers rose by 9%. c) State the type of elasticity you can calculate. Calculate the elasticity and discuss the economic intuition of your result. d) The newspaper looked at historical data and noticed that the elasticity calculated in part (c) increases. What does this imply for the relationship between shirts and pullovers?