D Question 1 Use the following data to answer the questions: Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 0.51 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer = - 0.19 (NOTE: negative) Income elasticity of demand for wine =3.03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) What can we say about price elasticity of demand (Ep) for beer? The demand for beer is clastic. O The demand for beer is inelastic. Beer is an inferior good. O Beer is a normal good.Use the following data to answer the questions: Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 0.51 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer = - 0.19 (NOTE: negative) Income clasticity of demand for wine =3.03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) Which pair of goods are better substitutes? Why? O Beer and spirits are better substitutes because they have a higher cross-price elasticity co-efficient. O Beer and spirits are better substitutes because they have a lower cross-price elasticity co-efficient. O Beer and wine are better substitutes because they have a higher cross-price elasticity co-efficient. Beer and wine are better substitutes because they have a lower cross-price elasticity co-efficient.Question 3 1.5 ple Use the following data to answer the questions: Price elasticity of demand for beer = 0,43 Cross-price clasticity of demand between beer & wine = 0 51 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer = = 0.19 (NOTE: negative] Income elasticity of demand for wine -3.03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) If the price of beer increases by 10% (c.p.), by how much will the quantity demanded of wine increase? (DO NOT put % sign in your answer. Round to 1 decimal place)Question 4 1.5 pts Wise the following data to answer the questions: Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 0,51 Cross-price elasticity of demand between beer & spirits . 0.35 Income elasticity of demand for beer . - 0.19 (NOTE: negative) Income clasticity of demand for vane =3.03 Income elasticity of demand for spirits - 1:41 (NOTE: spirits quor) If the price of beer increases by 10% (c.p.), by how much will the quantity demanded of spirits increase? (DO NOT put % sign in your answer, Round to 1 decimal place)Question 5 Use the following data to answer the questions: Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 051 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer = - 0.19 (NOTE: negative) Income elasticity of demand for vine =3.03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) What type of good is beer? Wine? Spirits? O They are all normal. O They are all clastic O They are all inferior. O Beer is Inferior. Wine and spirits are both normal and kauriesQuestion 6 1.5 pts Use the following data to answer the questions Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 0.51 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer = - 0.19 (NOTE: negative) Income elasticity of demand for wine -3.03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) If incomes increase by 10%% how much more wine will people buy? (DO NOT put % sign in your answer. Round to 1 decimal place)Question 7 Use the following data to anover the questions Price elasticity of demand for beer = 0.43 Cross-price elasticity of demand between beer & wine = 0.51 Cross-price elasticity of demand between beer & spirits = 0.35 Income elasticity of demand for beer - - 0.19 (NOTE: negative) Income elasticity of demand for wine =3,03 Income elasticity of demand for spirits = 1.41 (NOTE: spirits = liquor) If incomes increase by 10% how much more liquor will people buy? (DO NOT put % sign in your answer, Round to 1 decimal place.)1 pt Use the following data to answer the questions Price elasticity of demand for beer = 0143 Cross-price elasticity of demand between beer & wine = 051 Cross-price elasticity of demand between beer & spinits = 0.35 Income clasticity of demand for beer - - 0.19 (NOTE: negative) Income elasticity of demand for wine -3.03 Income elasticity of demand for spirits = 141 (NOTE: spirits = liquor) If incomes increase by 10%% what happens to how much beer people will buy? It will decrease. It will not change. Oltwillaby model