Elasticity

Question Three '11 the economy of Stratford, two products (Sprin and Sprint) are prominent due to their ruality and durability. At the price of GHz 20, 4,000 quantities of Sprin are demanded. .1 oe, a Janker lives in this economy and earns a weekly income of GHZ 1,000. At this income level, Foe consumes 60 quantities of Sprint monthly. The price of Sprin increases by 100%, now 5,000 quantities are demanded. At the initial price of Sprin, 500 quantities of Sprint were iemanded but at the new price of Sprin, 1,000 quantities of Sprint are demanded. Joe attains 1 professional qualication thus his weekly income increases by 50%, at the new income evel; he consumes 100 quantities of Sprint monthly. a) Determine the Own Price Elasticity of Demand for Sprin and interpret your answer. b) Determine the Cross Price Elasticity of Demand for both products and interpret the relationship between the two products? 0) Determine the monthly Income Elasticity of Demand for Sprint and explain the nature r'n ' .1 1-! .n