question archive Use the following chart regarding elasticities to answer the question that follows
Subject:EconomicsPrice:2.88 Bought3
Use the following chart regarding elasticities to answer the question that follows.
Elasticity | Value |
Price elasticity of demand for cupcakes | -2.50 |
Price elasticity of supply for cupcakes | 1.50 |
Income elasticity of demand for cupcakes | 1.50 |
Cross-price elasticity of demand between cupcakes and brownies | 0.25 |
Cross-price elasticity of demand between cupcakes and juice | -0.45 |
Which of the following is true?
a. Cupcakes are a normal good, a substitute of brownies, and a complement for juice,
b. Cupcakes are a normal good, a complement of brownies, and a substitute for juice,
c. Cupcakes are an inferior good, a complement of brownies, and a substitute for juice,
d. Cupcakes are an inferior good, a substitute of brownies, and a complement for juice.
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