3.As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units to 114 units. What is the cross elasticity of demand? Are X and Y substitutes or complements? Explain.<\/p>
<\/p>
4.The quantity demanded of good X rises from 130 to 145 units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand?<\/p>
<\/p>
5.The marginal utility of good A is 4 utils, and its price is $2, and the marginal utility of good B is 6 utils, and its price is $1. Is the individual consumer maximizing (total) utility if she spends a total of $3 by buying one unit of each good? Show the calculation and explain.<\/p>", "transcribed_text": "", "related_book": { "title": "Hospitality Financial Accounting", "isbn": "9780470598092, 470083603, 978-0470083604", "edition": "2nd Edition", "authors": "Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/239.jpg", "uri": "\/textbooks\/hospitality-financial-accounting-2nd-edition-239", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8850785925", "uri": "\/textbooks\/ignite-your-dreams-becoming-your-own-boss-with-a-laser-1st-edition-979-8850785925-215915", "name": "Ignite Your Dreams Becoming Your Own Boss With A Laser", "edition": "1st Edition" }, "question_posted": "2024-06-21 06:14:53", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/samuel-wants-to-deposit-4000-and-keep-that-money-in", "description": "Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for three years. He compares two different options. 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