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BBA Microeconomics 2nd semester B Assignment No. 3 1. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good? Be able to explain your answer. 2. 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. 3. Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. a. if the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations.) b. Why might this elasticity depend on the time horizon? 4. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: PRICE QUANTITY DEMANDED QUANTITY DEMANDED BUSINESS TRAVELERS) (VACATIONERS) $150 2,100 1,000 200 2.000 800 250 1.900 600 300 1,800 400 a. As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (1) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.) b. Why might vacationers have a different elasticity than business travelers? 5. Suppose that your demand schedule for compact discs is as follows: PRICE QUANTITY DEMANDED QUANTITY DEMANDED (INCOME $10.000) (INCOME $12,000) $ 8 40 50 10 32 45 12 24 30 14 16 20 16 8 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of compact discs increases from $8 to $10 if (i) your income is $10,000, and (ii) your income is $12,000. b. Calculate your income elasticity of demand as your income increases from $10,000 to $12,000 if (1) the price is $12, and (ii) the price is $16 Add comment to Muska Mukhtar