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Elasticity Value What Kind of Goods? Examples 1. Cross Price Elasticity Positive 1. 2. 2. Cross Price Elasticity Negative 2. 1 . 2 3. Income Elasticity Positive 3. 1 . 2. 4. Income Elasticity Negative 4. 1 2.What I Know Questions: What I Learned (Activity 4) 1. What is the Utility Approach? 2. What is the Law of Diminishing Marginal Utility? 2Part 1 Direction: Compute the marginal utility. Show your solution. Hypothetical Utility Schedule for Beef Sandwich Quantity Purchased Total Utility (in utils) Marginal Utility 20 200 500 600 620 600 500 Show your solution here. 3