What do you expect for/in the Market for Ramen Noodles? ED Pos or Neg? If ED = -

Question

What do you expect for/in the Market for Ramen Noodles? ED Pos or Neg? If ED = -2, Elastic or Inelastic? Interpret this ED: ES Pos or Neg? If ES = 4, Elastic or Inelastic? YD Pos or Neg? Why? If YD = -3.5 Elastic or Inelastic? Luxury, Necessity or N/A? Consider the cross-price effects from boxed Mac and Cheese XD Pos or Neg? What do you expect for/in the Market for a (4yr) College Education? ED Pos or Neg? If ED = -0.6, Elastic or Inelastic? Interpret this ED: ES Pos or Neg? If ES = 0.8, Elastic or Inelastic? YD Pos or Neg? Why? If YD = .72 Elastic or Inelastic? Luxury, Necessity or N/A? Consider the cross-price effects from Community College XD Pos or Neg? What do you expect for/in the Market for New Cars? ED Pos or Neg? If ED = -4.3, Elastic or Inelastic? Interpret this ED: ES Pos or Neg? If ES = 2, Elastic or Inelastic? YD Pos or Neg? Why? If YD = 2.2 Elastic or Inelastic? Luxury, Necessity or N/A? Consider the cross-price effects from public transportation XD Pos or Neg? What do you expect for/in the Fuel Efficient Cars? ED Pos or Neg? If ED = -7, Elastic or Inelastic? Interpret this ED: ES Pos or Neg? If ES = 1.9, Elastic or Inelastic? YD Pos or Neg? Why? If YD = -2.6 Elastic or Inelastic? Luxury, Necessity or N/A? Consider the cross-price effects from gasoline prices XD Pos or Neg?

Explanation / Answer

ramen noodle is normal good .. as price increases demand should decrease hence elasticity should be negative.. for Ed=-2 elasticity is high.. hence elastic ...... Es will be possitive beacuse for normal good as price increases supply increases ..... cross elasticity will be positive.. same will be applicable for 4yr clg.. ie nrmal good ............... for new car .. luxury good Ed =positive Es =negativeitive Xd with public transport is negative .. fuel efficent cars comes under nrmal good.. hence Ed=negative Es =positive Xd =positive

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