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3.a. Two goods have a cross-price elasticity of demand of +1.2 (a) would you describe the goods as substitutes or complements? (b) If the price
3.a. Two goods have a cross-price elasticity of demand of +1.2 (a) would you describe the goods as substitutes or complements? (b) If the price of one of the goods rises by 5 per cent, what will happen to the demand for the other good, holding other factors constant? (5 Marks) 3.b. Calculate Marginal Utility and Average Utility from the information given in the below table: (5 Marks) Quantity Consumed Total Utility 20 2 35 3 47 55 60
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