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URGENT PLEASE! APPLIED ECONOMICS: PRICE ELASTICITY Part II. Direction: Analyze the problems and answer the questions. Show your solution on the space provided. Suppose the

URGENT PLEASE! APPLIED ECONOMICS: PRICE ELASTICITY

Part II. Direction: Analyze the problems and answer the questions. Show your solution on the space provided.

  1. Suppose the price of ethyl alcohol rises by 20%. As a result, the demand for substitute hand soap rises by 10%.

A. What is the cross-elasticity of demand for hand soap with respect to the price of ethyl alcohol? Highlight your answer (with color yellow) and present your solution.

+2 b. +0.5 c. -0.5 d. -2

B. Analysis on price elasticity:

C. Interpret your analysis on the kind of good:

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