I need help
Q3: The following table shows the price of good J, the price of good K (which is related in some way to good J), average income, QD of good J and QD of good K for 5 periods. Use the information in the table to answer the following questions. Do not round your answers too early or your final result will be less accurate. Period 1 2 3 4 5 Price of Good J $16 $18 $20 $20 $20 Price of Good K $5 $8 $6 $6 $8 Average Income $36,000 $30,000 $30,000 $36,000 $30,000 QD of Good J 320 units 280 units 250 units 300 units 270 units QD of Good K 350 units 340 units 400 units 360 units 380 units a) Which two periods must you compare to calculate the price elasticity of demand for good J AND what does the price elasticity of demand for good J equal (to two decimal places)? b) Which two periods must you compare to calculate the price elasticity of demand for good K AND what does the price elasticity of demand for good K equal (to two decimal places)? c) Which two periods must you compare to calculate the income elasticity of demand for good J AND what does the income elasticity of demand for good J equal (to two decimal places)? d) Which two periods must you compare to calculate the income elasticity of demand for good K AND what does the income elasticity of demand for good K equal (to two decimal places)? e) Is good J an inferior good or a normal good? If good J is a normal good, is it a necessity or a luxury? f) Is good K an inferior good or a normal good? If good K is a normal good, is it a necessity or a luxury? g) Which two periods must you compare to calculate the cross-price elasticity of demand for good J with respect to the price of good K AND what does this cross-price elasticity of demand equal (to two decimal places)? h) Which two periods must you compare to calculate the cross (price) elasticity of demand for good K with respect to the price of good J AND what does this cross elasticity of demand equal (to two decimal places)? i) Are goods J and K complements in consumption, substitutes in consumption, complements in production or substitutes in production