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Price of good A Quantity Demand Quantity Consumer for Good B Demanded for income Good C 20 200 200 2000 25 -160 300 1800 30
Price of good A Quantity Demand Quantity Consumer for Good B Demanded for income Good C 20 200 200 2000 25 -160 300 1800 30 120 400 1600 35 80 500 1400 1 . 14 ) Calculate the income elasticity of demand for good C when income increases from RM1600 to RM2000 2. Based on the question 3, state type of product C. 3. Determine the cross elasticity of demand for good B when the price of good A increases from RM25 to RM35 per kg 4. What is the relationship between good B and good A 1) Q 1 = 400 y. = 1600 2 ) 3 ) Q X1 = 160 Py1 = 25 Q: = 200 ya = 1000 Q x 2 = 80 Py 2 : 35 92- Q1 F = Q x2 -Qx1 Py 1 = -1.25 F Q1 Py z - Py
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