Calculate the elasticity for the following questions (USING THE MIDPOINT (AVERAGE) FORMULA) and indicate if the goods are :

1. inferior,
2. Normal,
3. Complements, or
4. Substitutes

Please include negative signs in your answers where appropriate and calculate to 2 deciminals

A.The price of gasoline increases from 10 per barrel to 36 per barrel and as a result, the demand per month for new cars changes from 450 to 150.

Part 1:The elasticityis

Part 2:These goods are (answer using numbers, 1-4)

B.As a result of a change in income from 1,075 to 2,975 per month, the consumption of good X changes from 380 to 550 units.

Part 3:The elasticity is

Part 4:Good X is a(an)(answer using numbers, 1-4)

C.As a result of a decrease in the price of good Y from 25 to 15 the demand for good X changes from 200 to 350 units.

Part 5:The elasticity is

Part 6:These goods are(answer using numbers, 1-4)

D.As a result of an economic boom in Calgary, the average income increases from 2,200 to 7,800 per month and as a result the demand for new houses increases from 140 to 210 units.

Part 7:The elasticity is

Part 8:New houses are a(an)(answer using numbers, 1-4)