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The quantity demanded of a particular range of torches is 600 units when price per unit is $5. When the price increases to $20, the quantity demanded falls to 200 units. Later the price of cells used to operate these torches falls by 200% and the demand for the torches increases from 200 units to 300 units.
a)Calculate the arc price elasticity of demand.
b)Calculate the cross-price elasticity of demand..
c)Joe purchases 20 units of the torch when his income is $30 and when his income increases to $120, his quantity demanded changes to 60 units. Calculate Joe's income elasticity of demand for torches?
58) If the cross-price elasticity of demand for a good is estimated at -3.9, estimate the percentage change in quantity demanded of the good when the price of the related good increases from $30 per unit to $75 per unit. Also, if it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300
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