Question: suppose the following table describes jocelyns weekly snack purchases which...
Question details
Suppose the following table describes Jocelyn’s weekly snack purchases, which vary depending on the price of a bag of chips:
Price of bag of chips 
Bags of chips 
Containers of salsa 
Bags of pretzels 
Cans of soda 
$1.00 
2 
3 
1 
4 
$1.50 
1 
2 
2 
4 
5.) What is the CrossPrice Elasticity of Demand between the quantity of salsa and the price of chips? (the sign matters here)
6.) What is the CrossPrice Elasticity of Demand between the quantity of pretzels and the price of chips? (The sign matters here. You can round to the nearest .1 decimal point.)
7.) What is the crossprice elasticity of soda with respect to the price of a bag of chips?
8.) You find that the income elasticity for a particular good is +2.5. Is this a normal or inferior good? Is it a luxury good or a necessity?
Normal Good because the income elasticity is positive Luxury Good because the income elasticity is greater than 1 (elastic) 

Inferior Good because the income elasticity is positive Luxury Good because the income elasticity is greater than 1 (elastic) 

Normal Good because the income elasticity is positive Necessity because the income elasticity is greater than 1 (elastic) 

Inferior Good because the income elasticity is positive Necessity because the income elasticity is greater than 1 (elastic) 9.) You find that the income elasticity for a particular good is 0.5. Is this a normal or inferior good? Is it a luxury good or a necessity?
