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Following table shows data for two markets A and B
Year
Average consumer Income
Price per unit of A good
Quantity of A good
Price per unit of B good
Quantity of B good
1
$30,000
$6
200
$50
80
2
$7
180
75
3
160
$60
70
4
$36,000
74
1. What is the price elasticity of demand for good A? Is the demand for this good elastic or inelastic?
2. What is the price elasticity of demand for good B? Is the demand for this good elastic or inelastic?
3. What is the income elasticity of demand for good A? Is this good normal or inferior?
4. What is the income elasticity of demand for good B? Is this good normal or inferior?
5. What is the cross price elasticity of demand of good A for a change in the price of good B? Comment on the relationship between good A and good B.
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Would have been higher as a result of working these additional hours because value of an individual's well-being is included in GDP calculation.
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