Econ

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(TCO B) Consider the data for two products as shown below.

 

Quantities Purchased

Quantities Purchased

Prices

Product X

Product Y

$6

20

60

$4

50

100

 

 

Quantities Purchased

Quantities Purchased

Income

Product X

Product Y

$30,000

25

20

  50,000

60

10

  • Using the midpoint formula, calculate the coefficient of elasticity for each product. (8 points)
  • Calculate the income elasticity for each product and characterize each. (12 points)

(Points : 30)

    • 10 years ago
    • 5
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