Here are five values for different types of elasticity. (The numbers have been calculated for each case/market using the elasticity methods from your textbook.) Assume that prices rose by 10% in the calculations for the price elasticity of demand and also in the calculations for the cross price elasticity of demand. Also assume that income rose by 10% for the income elasticity of demand calculations. 1. Price Elasticity of Demand is -0.5. 2. Cross Price Elasticity of Demand is -0.5. 3. Cross Price Elasticity of Demand is 0.8. 4. Income Elasticity of Demand is -2. 5. Income Elasticity of Demand is 1. In a multi-paragraph essay, explain what each type of elasticity is trying to measure and what these numbers predict in each case. Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.
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