Elasticities of Demand.
A. If the quantity demanded = 600 - 0.75 P Price - $220. Is demand elastic or inelastic at this price?
B. If the quantity demanded for product W is 190 units when the average weekly income is $880, and if the quantity demanded is 155 units when the average income is $1,000.
C. Assume that when the price of good S is $16 per unit, the quantity demanded of product M is 92 units per week, and if the price of S is $12 per unit, the quantity demanded of M is 130 units. How would you classify good S and M based on your result?