Calculate the cross elasticity of demand

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Reference no: EM13815990

Income per year: $60,000 $60,000 $80,000 Movie Ticket Price: $11 $13 $13 Rounds of Golf: Quantity Demanded Quantity Demanded Quantity Demanded Price = $50 15 10 15 Price = $35 25 15 30 Price = $20 40 20 50 a. Using the data under D1 and D2, calculate the cross elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.) Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Cross elasticity of Lorena's demand at the price of $50 = Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Cross elasticity of Lorena's demand at the price of $35 = Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Cross elasticity of Lorena's demand at the price of $20 = Is the cross elasticity the same at all three prices? Are movies and golf substitute goods, complementary goods, or independent goods? b. Using the data under D2 and D3, calculate the income elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand.) Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Income elasticity of Lorena's demand at the price of $50 = Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Income elasticity of Lorena's demand at the price of $35 =

Instructions: Round your answer to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Income elasticity of Lorena's demand at the price of $20 = Is the income elasticity the same at all three prices? Is golf an inferior good?

Reference no: EM13815990

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