QUESTION #3 ONLY!!

ywhere | LCCC X @ Home Page - MyLCCC 2.0 X Chapter 5 Homework X + assignments/382149 Midpoint formula. 3. When the price of a bagel rises from $0.45 to $0.75, the quantity of cream cheese demanded falls from 12,000 to 10,000 ounces per year. Use the midpoint formula to calculate the cross-price elasticity between bagels and cream cheese. What does the sign imply about the relationship between these two goods? 4. Refer to the graph below. If the price of a gardenburger decreases from $8 to $7,calculate the price elasticity of demand for gardenburger and identify the nature of elasticity. 10 B 9 Price E F Demand 1 2 3 4 5 Q Number of gardenburgers 5. If income decreases by 25% and, in response, the quantity of housing demanded decreases by 14%, then calculate the income elasticity of demand for housing