Problem 4 14 I'vIarks a. Write the formula for the crosselasticity of demand. 3 Marks 1:. Suppose that the crossprice elasticity of demand between hot dogs and mustard is 3.00. If the price of hot dogs increase by 40%: by how much will the quantity demand of mustard increase or decrease? 4 l'i-[arks c. Write the formula for the income elasticity of demand. 3 Marks d. Muriel's income elasticity of demand for hocllcej,r tickets is 2.43. If her income increase by 20 percent this year, and she bought 10 tickets last year how many tickets will she buy this year all other things being equal. 4 l'lrIarks