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Assignment #3 - Name Student ID Econ 003 Microeconomics...

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Name___________________________________ Student ID_______________________________ Econ 003: Microeconomics Assignment # 03 1. In figure 1, demand curve shifts from D to D* because consumers’ incomes go up by 100%. One can look at the figure and say that A. Income elasticity of demand is greater than one. B. The figure illustrates the case of an inferior good. C. Income elasticity of demand is less than one. D. The figure illustrates the case of a luxury good. E. None of the above is true. 2. Cross price elasticity of demand (%change in the quantity demand of one good divided by %change in the price of a related good) is:
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3. Price elasticity of demand depends on:
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