Homework Answers
Income elasticity = (Q2 - Q1)/(I2 - I1) x (I2 + I1)/(Q2 + Q1)
6.
IE = (70 - 50)/(80000 - 60000) x (80000 + 60000)/(70 + 50) = 1.17
Monterrey Jack Cheese is a luxury good (IE > 1)
7.
IE = (36 - 30)/(50 - 30) x (50 + 30)/(36 + 30) = 0.36
Product is a normal good (IE > 0)
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2.
3.
4.
5.
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