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096 3 221% O 3 11:43 AM 2C Clear ~ the 11/3/2022 acer 0 O Home Pg Up Econ 101P: Principle of Microeconomics Fall 2022
096 3 221% O 3 11:43 AM 2"C Clear ~ the 11/3/2022 acer 0 O Home Pg Up Econ 101P: Principle of Microeconomics Fall 2022 / Version A COQUITLAM COLLEGE 4) (10 points) According to a Honda press release, sales of the fuel-efficient four-cylinder Honda Civic rose by 1.1% from 2016 to 2017. Over the same period, according to data from the U.S. Energy Information Administration, the average price of regular gasoline rose from $2.27 per gallon to $2.57 per gallon. a. Using the midpoint method, define and calculate the cross-price elasticity of demand between Honda Civics and regular gasoline. b. According to your estimate of the cross-price elasticity, are the two goods gross complements or gross substitutes? Does your answer make sense
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