Econ
(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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