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assignment

5. Assume the average annual income rises from $25,000 to $38,000 and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Calculate using both the midpoint and arc methods. ls bread a normal or an inferior good based off each calculation method? (4 points) 6. Suppose the crossprice elasticity of apples with respect to the price of oranges is 0.4, and the price of oranges falls by 3%. Calculate what will happen to the demand for apples. {2 points} 1. If the cross elasticity of demand between peanut butter and milk is 1.11, then are peanut butter and milk substitutes or complements? Be able to explain your answer. {2 points] 2. A 10 percent increase in income brings about a 15 percent increase in the demand for a good. Calculate the income elasticity of demand forthis good. Is the good a normal good or an inferior good? Be able to explain your answer. {3 points] 3. Suppose that when income rises by 10%, quantity demanded decreases by 6%. Calculate the income elasticity of demand for this good. Indicate if the good is normal or inferior. (2 points] 4. lfthe price of Product A increased bv 10%, the quantity demanded of B decreases by 15%. The coefficient for the cross elasticity.r of the A and B would be what? Show your work. (2 points}