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Compute and discuss elasticities for the following cases:
A. When consumer income increases by 4%, the demand for Ramen Noodles decreases by 6%. What is the income elasticity for Ramen Noodles? Explain what this income elasticity measure tells you.
B. When the price of bread increases by 7%, the demand for butter decreases by 9%. What is the cross price elasticity? How are the two goods related – are they substitutes or complements? Explain why.
C. When the price of pork increases by 8%, the quantity of lamb purchased increases by 5%. What is the cross price elasticity? How are the two goods related – are they substitutes or complements? Explain why.
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