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Arya 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 Arya's income and the cost of other types of entertainment-In

Arya 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 Arya's income and the cost of other 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 Arlya will demand at each price under three different scenarios. In scenario D1, Ariya's income is $70,000 per year and movies cost $13 each. In scenario D2. Ariya's income is also $70.000 per year, but the price of seeing a movie rises to $15. And in scenario D3, Arlya's income goes up to $90,000 per year, while movies cost $15. D1 $70.000 $13 Scenario Income per year Price of movie ticket Price of Golf 550 $35 520 D2 $70,000 $15 Quantity Demanded 10 D3 $90,000 $15 15 25 10 15 30 15 20 50 Instructions: Round your answers to two decimal places if you are entering any negative numbers be sure to include a negative sign front of these numbers
Instructions: Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign in tront of those numbers 2. Using the data under D and D2, calculate the cross elasticity of Ariya's demand for golf at all three prices. (To do this apply the midpoints approach to the cross elasticity of demand) At 550. cross elasticity A: 535. Cross elasticity = -26 At 520. Cross elasticity = -3.25 is the cross sticity the same at at three prices? No Ace movies and got substitute goods complementary goods or independent goods? Complementary Ung the data under D2 and D3, calculate the income elasticity of Arya's demand for golf at all three prices. (To do this apply the Coroach to the income elasticity of demand demand

Arya 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
Instructions: Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negativ

Apr 19 2021 View more View Less

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