Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment?in particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenarioD₁, Lorena's income is $60,000 per year and movies cost $11 each. In scenarioD₂, Lorena's income is also $60,000 per year, but the price of seeing a movie rises to $13. And in scenarioD₃, Lorena's income goes up to $80,000 per year, while movies cost $13.

Instructions:Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

a. Using the data underD₁andD₂, calculate the cross elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.)

At $60, cross elasticity =.

At $45, cross elasticity=.

At $30, cross elasticity =.

Is the cross elasticity the same at all three prices?(Click to select)

No

Yes

.

Are movies and golf substitute goods, complementary goods, or independent goods?(Click to select)

Independent goods

Complementary goods

Substitute goods

.

b. Using the data underD₂andD₃, calculate the income elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand.)

At $60, income elasticity of demand =.

At $45, income elasticity of demand =.

At $30, income elasticity of demand =.

Is the income elasticity the same at all three prices?(Click to select)

No

Yes

.

Is golf an inferior good?(Click to select)

Yes

No

, it is(Click to select)

a normal good

an inferior good

.

Instructions: Round your answers to 2 decimal places It you are entering any negative numbers he sure to include a negative sign (a) in front of those numbers a Using the data under 01 and D2, calculate the cross elasticity of Lorena's demand for golfat all three prices (To do this, apply the midpoinls approach to the cross elasticity of demand.) At $60, cross elasticity = At $45, cross elasticity : At $30, cross elasticity : ls the cross elasticity the same at all three prices? No v Are MOVIES and golf substitute goods, complementary goods, or lndependentgoods? Complementarygoods v b Using the data under 02 and D3, calculate the income elasticity of Lorena's demand for golf at all three prices, (To do thisI apply the mldpoints approach to the income elasticity ofdemand ) At $60, income elasticity of demand = At $45, income elasticity of demand : At $30, income elasticity of demand : l5 the income elasticity the same at all three prices? No v ls golf an inferior good? _ it is Lorena likes to play golf The number oftimes per yearthat she plays depends on both the price of playing a round otgolt as well as Lorena's income and the cost of other types of entertainmentiin particular, how much it costs to go see a movie instead of playing golf The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios, in scenario D1, Lorena's income is $60,000 per yearand mowies cost $11 each In scenario 52- Lorena's income is also $60,000 per year, but the price of seeing a movie rises to $13, And in scenario D3, Lorena's income goes up to $80,000 per year, while movies cost $13 Income per year $ 50,001) $ 50,000 $ 80,001) Price or mowe ticket 3; 11 $ 13 $ 13 $60 15 10 15 $45 25 15 30 $30 40 20 50 Instructions: Round your answers to 2 decimal places It you are entering any negative numbers be sure to include a negative sign [7) in front of those numbers, 1: Using the data under D1 and 0;, calculate the cross elasticity of Lorena's demand for gott at all three prices (To do this, apply the midpoints approach to the cross elasticity of demand ) At $60, cross elasticity = At $45, cross elastic At $30, cross elasticity = Is the cross elasticity the same at all three prices? . Are movies and golf substitute goods, complementary goods, or independent goods? Complememary goods v . b Using the data under D2 and D3, calculate the income elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand )