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April 24, 2014

Homework Help: Microecon

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

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