Posted by **AJ** on Thursday, November 1, 2012 at 11:01am.

Using the midpoints approach to the cross elasticity of demand-calculate the cross eleasticity the demand for golf at all 3 prices.

Price Demand1 D2 D3

50 15 10 15

35 25 15 30

20 40 20 50

D1 -Income $50k per yr, movies $9

D2 -Income $50k -movies $11

D3 -Income $70k -movies $11

Using D2, D3, calculate income elasticity of demand for golf.

McConnell, Microecon 19e

Chap 4 -Problem #7

## Answer This Question

## Related Questions

- economics - suppose the demand curve for a product is given by Q=10-2P+Ps1,where...
- demand & Supply - If the demand for butter rises by 4% while the price of ...
- economic - Suppose that your firm was accused of illegally conspiring with other...
- managerial economics - Explain the relationship between product X, product Y and...
- Microecon - If you are given this function: P=1000-40Q where P=price and Q=sales...
- Econ - Coca-Cola in dispensers located on a golf course sells for $1.25 a can, ...
- economics - Assume that demand for product A can be expressed as QA = 500 ¨C 5PA...
- Managerial Economics - This is some HW for a Managerial Econ class. I've got ...
- Managerial Economics - The coefficient of the price of gasoline in the ...
- Economics - If Starbucks raises its price by 7 percent and McDonald’s ...

More Related Questions