Using regression analysis on data from a field experiment, the demand curve for a product is estimated to be QXd = 1,200 − 3PX − 0.1PZ where Pz = $300. What is the cross-price elasticity of demand between good X and good Z when Px = $140? Are goods X and Z substitutes or complements? Enter your response rounded to two decimal places. Cross-price elasticity: Goods X and Z are:

Suppose that during the past year, the price of a laptop computer fell from $2,950 to $2,450. During the same time period, consumer sales increased from 430,000 to 619,000 laptops.   Calculate the price elasticity of demand between these two price–quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.)     Original New Average Change Percentage Change Quantity              Price                Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price.   Step 2: Calculate the average quantity by adding the original quantity and the new quantity and then dividing by 2. Do the same for the average price.   Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do…

Suppose a study suggests that the income elasticity of demand for canned beans is 0.3. Based on this information, you can conclude that canned beans are _____.

What is the income elasticity of soda (as a function of prices and income)? Income elasticity of soda: n = ()) I – 10P, Px P = 1.5, I = 36