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Question: 4a at price 100 we consume 200 units of x...

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4a. At Price $100, we consume 200 units of X at an income o $40,000, and we consume 100 units of X at an income o f $5o,000. Compute the income elasticity and state whether the good is normal or inferior. Be sure to use averages for quantity and income. 4b. If the Pr iecreases from $50 to $60 and this causes the QDx to go from 300 to 500 are the goods substitutes or complements. Compute the cross price elasticity using average prices and quantities. 4c. QD 3200 10P+0.06M - 30PR where M $65,000 and PR $300. Solve for QD.
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