1. Inferior, 2. Normal, 3. Complements, or 4. Substitutes (Please Include The Negative signs in your...

1. Inferior,
2. Normal,
3. Complements, or
4. Substitutes

(Please Include The Negative signs in your answers where appropriate)

A. The price of gasoline increases from 12 per barrel to 28 per barrel and as a result, the demand per month for new cars changes from 600 to 200.

Part 1: The elasticity is

Part 2: These goods are (answer using numbers, 1-4)

B. As a result of a change in income from 1,275 to 1,875 per month, the consumption of good X changes from 380 to 200 units.

Part 3: The elasticity is

Part 4: Good X is a(an) (answer using numbers, 1-4)

C. As a result of a decrease in the price of good Y from 39 to 19 the demand for good X changes from 150 to 350 units.

Part 5: The elasticity is

Part 6: These goods are(answer using numbers, 1-4)

D. As a result of an economic boom in Calgary, the average income increases from 2,800 to 4,200 per month and as a result the demand for new houses increases from 160 to 260 units.

Part 7: The elasticity is

Part 8: New houses are a(an) (answer using numbers, 1-4)

Expert Solution

Rahul Sunny answered 2 years ago

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