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The table below describes the weekly prices and quantity demanded for two goods, A and B, over a three-week period On of Good A On

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The table below describes the weekly prices and quantity demanded for two goods, A and B, over a three-week period On of Good A On of Good B Price of Good A Price of Good B |Income (Y) Week 1 5 8 $6 $3 554 Week 2 4 12 56 $2.50 $54 Week 3 7 8 $6 $2.50 $62 Complete the following blanks and provide the requested explanation for each part below. In the space following the E_, record what type of elasticity you are calculating (own-price, cross-price, supply, income) Part (a): Based on the information reported in Weeks 1 and 2, calculate the numerical value of the appropriate elasticity to determine whether Goods A and B are complements, substitutes, or unrelated. Use 1 - 2 sentences to explain how you've arrived at this conclusion. Goods A and B are with an E_ Part (b): Based on the information reported in Weeks 2 and 3, calculate the numerical value of the appropriate elasticity to determine whether Goods A and B are normal, inferior or income inelastic (unrelated to Income). Use 1 - 2 sentences to explain how you've arrived at this conclusion. Good A is with an E . Good B is with an E

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