Suppose that when the price of roasted plantain rises by 10%, demand for Peanuts falls by 3%at the current price, and that when income rises by 10%,demand for roasted plantain increases by 1%at current price

Economics Feb 28, 2021

Suppose that when the price of roasted plantain rises by 10%, demand for Peanuts falls by 3%at the current price, and that when income rises by 10%,demand for roasted plantain increases by 1%at current price.calculate the cross elasticity of demand for Peanuts with respect to the price of roasted plantain and tell whether roasted plantain and Peanuts are substitute or complements.calculate the income elasticity of demand and tell whether roasted plantain is normal or inferior .