1. Business
  2. Economics
  3. lorena likes to play golf the number of times per...

Question: lorena likes to play golf the number of times per...

Question details

Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorenas income and the cost ofother types of entertainment-in particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the table below show how many rounds of golf per year Lorena wil demand at each price under three different scenarios. In s also $60,000 per year but the price of seeing a movies1aAnd goes up to $80,000 per year, while movies cost st in scenario D3. Lorenas income Scenario D1 D3 600 Income per year Price of movie ticket 13 Quantity Deman Price of Golf $60 $45 $30 de 15 25 40 115 30 50 10 15 numbers be sure to Instructions: Round your answers to 2 decimal places. If you are entering any negative include a negative sign (-) in front of those numbers. a. Using the data under Di and D2. calculate the cross elasticity of Loren prices. (To do this, apply the midpoints approach to the cross elasticity of demand) At $60, cross elasticity At $45. cross elasticity At $30, cross elasticity demand for golf at all three s the cross elasticity the same at all tree prices(Cick to selech Are movies and solt sutbattute poods,.compiementany ooods or ndependent goo (Click to select) CTEA 13 RED b Using the data under D2 and Da, caiculate the income elasticity of Lorenas demand for gol b.

Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign ( in front of those numbers. a Using the data under Di and D2. calculate the cross elasticity of Lorenas demand for golf at all three ees prices. (To do this, apply the midpoints approach to the cross elasticity of demand) At $60, cross elasticity At $45, cross elasticity At $30, cross elasticity- Is the cross elasticity the same at all three prices? Click to select)] Are movies and golf substitute goods, complementary goods, or independent goods? Click to select b. Using the data under D2 and D3. calculate the income elasticity of Lorenas demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand.) At $60, income elasticity of demand- At $45, income elasticity of demand At $30, income elasticity of demand Is the income elasticity the same at all three prices? [Click to select) Is golf an inferior good? Click to select)it is Click to select Click to select) No Yes 16 of 16E Next >

Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure include a negative sign ㈠ in front of those numbers. a Using the data under Dy and D2, calculate the cross elasticity of Lorenas demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand) At $60, cross elasticity At $45, cross elasticity At $30, cross elasticity is the cross elasticity the same at all three prices? [Clicktoselect) Are movies and golf substitute goods, complementary goods, or independent goods? Click to select) b. Using the data under D2 and D3, calculate the income elasticity of Lorenas demand for golf at all three prices.(To do this, apply the midpoints approach to the income elasticity of demand,) At $60, income elasticity of demand At $45, income elasticity of demand At $30, income elasticity of demand- Is the income elasticity the same at all three prices? [Click to select)司. Is golf an inferior good? |(Cick to select)」, it is LClick toseld an inferior good Prev 16 ofa normal good

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution