Will give Brainliest to the best Answer, can someone please help?
1 answer:
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Answer:
eY is positive +0.1 therefore bagels are a normal good.
Step-by-step explanation:
Given data:
when, 10% rise in cheese price, 3% fall in bagels quantity observed
when, 10% rise in income, 1% fall in bagels quantity observed
from formula for cross price elasticity of demand, determine
As, eAB is negative, bagels $ cream cheese are complements.
By formula for income elasticity of demand,
we find that
Since eYis positive, bagels are a normal good.
Answer:
coefficent matrix
Step-by-step explanation:
P. 366
"If the column of constant terms is not included, the matrix reduces to that of the coefficent matrix of the system"
-1 -3 -1
9 -9 -1
-1 -3 4
