Micro 2.3, 2.4, 2.5 Quiz: PED, PES, Income and Cross Price

Posljednje ažuriranje 10 months ago

What is the income elasticity coefficient for Good X between $100 and $90? (Round to hundredth please.)

Micro 2.3, 2.4, 2.5 Quiz: PED, PES, Income and Cross Price

Posljednje ažuriranje 10 months ago

Row	Price of Good X	Quantity Demand of Good X	Quantity Supply of Good X	Price of Good Y	Buyer's Income
1	$1	40	15	$10	$120
2	2	38	15	11	$110
3	3	36	26	12	$110
4	4	28	28	13	$105
5	5	18	35	13	$100
6	6	3	50	14	$90
7	6	3	100	10	$50

Use this table for ALL calculations. Heads up...there are NO mistakes in this table. The table may or may not represent functions that you are familiar with. FOCUS only on the parts of the table that are requested in your problem.

What is the income elasticity coefficient for Good X between $100 and $90? (Round to hundredth please.)

Drugi mogući odgovor:

Relatively Price Elastic

Relatively Price Inelastic

Perfectly Price Elastic

Perfectly Price Inelastic

Between 1 and Infinity

Between 0 and 1

Infinite

Unitary Elastic

Drugi mogući odgovor:

3 and 4

1 and 2

2 and 3

6 and 7

4 and 5

5 and 6

Drugi mogući odgovor:

Percent Change in Income

Avg. Qs of Good Y

Percent Change in Price of Good X

Change in Income

Change in Qd of Good X

Avg. Qd of Good Y

Percent Change in Qs of Good Y

Percent Change in Price of Good Y

Percent Change in Qd of Good X

Percent Change in Qd of Good Y

Change in Qs of Good Y

Avg. Price of Good X

Change in Qs of Good X

Percent Change in Qs of Good X

Change in Qd of Good Y

Avg. Qs of Good X

Avg. Qd of Good X

Change in Price of Good X

Avg. Income

Avg. Price of Good Y

Change in Price of Good Y

Drugi mogući odgovor:

$120

Perfectly price inelastic

$18

Relatively price elastic

Unitary price elastic

Perfectly price elastic

$72

$90

decreases

$40

Relatively price inelastic

increases