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(TCO B) Consider the data for two products as shown below. Quantities Purchased Quantities Purchased Prices Product X Product Y $6 20 60 $4 50 100 Quantities Purchased Quantities Purchased Income Product X Product Y $30,000 25 20 50,000 60 10 Using the midpoint formula, calculate the coefficient of elasticity for each product. (8 points) Calculate the income elasticity for each product and characterize each. (12 points) (Points : 30)

(TCO B) Consider the data for two products as shown below.

  Quantities Purchased Quantities Purchased
Prices Product X Product Y
$6 20 60
$4 50 100

 

  Quantities Purchased Quantities Purchased
Income Product X Product Y
$30,000 25 20
  50,000 60 10

 

  • Using the midpoint formula, calculate the coefficient of elasticity for each product. (8 points)

 

  • Calculate the income elasticity for each product and characterize each. (12 points)

(Points : 30)

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