Question: The table describes the weekly prices and quantity demanded for two goods, A and B , over a three - week period. In the space
The table describes the weekly prices and quantity demanded for two goods, A and B over a threeweek period. In the space following
the
record what type of elasticity you are calculating. Assume the price and income changes indicated in the table are
large. Round numerical answers to two decimal places, if necessary. Don't forget to include the negative sign if appropriate.
Part a Calculate the numerical value of the appropriate elasticity to determine whether Goods A and B are complements, substitutes,
or unrelated. Use sentences to explain how you've arrived at this conclusion.
Goods A and are
with an
Part b Calculate the numerical value of the appropriate elasticity to determine whether Goods A and B are normal, inferior or income
inelastic unrelated to Income Use sentences to explain how you've arrived at this conclusion.
Good A is
with an
Good B is
with an
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