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ELASTICITY OF DEMAND The price of cedar lumber has decreased from $100 to $50. As a result, the quantity demanded has increased from 100 units demanded to 150 units. Draw a graph of what this demand curve would look like. The Elasticity of Demand for lumber in this case is equal to -0.6. Show this calculation step-by-step. Briefly, why do we consider this to be inelastic demand? In this example, total revenue from the sale of lumber has dropped by $2,500. Show this calculation step-by-step. How is the elasticity of demand related to changes in total revenue? CROSS-PRICE ELASTICITY Sellers want to know if products are substitutes or compliments to others in the market. We can use cross-price elasticity to determine this mathematically. This lets sellers make informed decisions to raise or lower their prices as market conditions change. Substitutes are two goods where, when the price of one good goes up, the quantity demanded of the other good also goes up. This is a positive relationship. Thus, when we calculate elasticity, the number we get will also be positive. Complimentary goods or services have an inverse relationship. As a result, the number will be negative. For this part of the assignment, you need to come up with an example of two goods or services that are compliments. On the table provided, record an initial price and quantity level for two complimentary products. Use prices that seem realistic to you, given the products you select. In the second row, show the effects we would see when a price changes. Keep in mind these three economic properties: . All else held equal . Law of Demand . Rules for substitutes/compliments Both products should now have two price & quantity values in your table. Show these visually by graphing the demand curve for each product. Finally, use the data in the table to calculate the cross-price elasticity. Show your work, proving that cross-price elasticity (Exy) is either positive or negative, given our definitions of substitutes and compliments. INCOME ELASTICITY We're going to look up real-world economic data for this part of the assignment. Data on income