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QUESTION 3 Elasticity Price elasticity of demand for chicken wings Price elasticity of supply for chicken wings Income elasticity of demand for chicken wings Cross-Price

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QUESTION 3 Elasticity Price elasticity of demand for chicken wings Price elasticity of supply for chicken wings Income elasticity of demand for chicken wings Cross-Price elasticity of demand for chicken wings and hamburger Income elasticity of demand for steak Estimate -0.40 2.30 0.75 0.20 1.20 Suppose that a supply shock reduced the equilibrium quantity of chicken wings by 10%, what would be the change in price O a. increase by 40% b. increase by 496 OC. Increase by 10% O d. increase by 25% QUESTION 4 Elasticity Price elasticity of demand for chicken wings Price elasticity of supply for chicken wines Income elasticity of demand for chicken wings Cross-Price elasticity of demand for chicken wings and hamburger Income elasticity of demand for steak Estimate -0.40 2.30 0.75 0.20 1.20 Suppose that the price of hamburger increased by 10%, this would lead to which of the following? O a. a 29 decrease in quantity demanded of chicken wings b. a 20% decrease in the quantity demanded of chicken wings Oca 20% decrease in the quantity demanded of hamburger d. a 29 decrease in quantity demanded of hamburger

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