During the past year the average price of lots along lake, Ask an Expert

Economics

During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units.

a. Calculate the cross elasticity of demand. EC=

b. Are lake front lots and new home lots off the lake compliments or substitutes. Type in either substitutes or compliments.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9472044

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question a producer in a perfectly competitive industry has

Question: A producer in a perfectly competitive industry has a cost function described by TC(q)=16,000+6q+0.1q^2. If the market price is 90 and it has already committed to paying the fixed cost, what is the maximum profi ...

Question a person buys a bond that matures in 10 years and

Question: A person buys a bond that matures in 10 years and pays a 10% coupon rate. The face valley is 10,000 . How much money will be received in the 10th year? The response must be typed, single spaced, must be in time ...

Question the demand for tables is p24-2q and the supply is

Question: The demand for tables is P=24-2Q and the supply is P=Q. If the government were to impose a price floor of $12, What is the deadweight loss created by the price floor? The response must be typed, single spaced, ...

Question according to some reports more than 40 percent of

Question: According to some reports, more than 40 percent of the American servicemen sent to Vietnam experimented with heroin. Of these, 57 percent became addicts in Vietnam. Upon their return, however, only 10 percent r ...

Question - over the past 50 years the number of hurricanes

Question - Over the past 50 years, the number of hurricanes that have been reported are as follows: 9 times there were 6 hurricanes, 14 times there were 8 hurricanes, 19 times there were 10 hurricanes, and in the remaini ...

Question beef and leather belts are complements in

Question: Beef and leather belts are complements in PRODUCTION (in other words, when the output of beef increases, the output of leather belts increases as well, and vice versa). Assume that the markets for beef and leat ...

Question - let y be a random variable distributed as shown

Question - Let Y be a random variable distributed as shown in the accompanying table. y 0 1 2 3 p(y) 0.4 0.3 0.2 0.1 A) Find the mean of Y or, E(Y). B) Find the standard deviation of Y, or sd(Y).

Questionnbsppeople join tennis clubs for a fixed fee per

Question: People join tennis clubs for a fixed fee per year, which entitles them to play as much as they want without charge. Because people who pay these fees play more tennis than others (who can use free public court ...

Question participation in the labor force is a personal

Question: Participation in the labor force is a personal decision that can be illustrated using indifference curves and budget constraints. A. Explain and show graphically why a person with non-labor income may choose no ...

Question - the general mills company gmc purchased a

Question - The General Mills Company (GMC) purchased a milling machine for $90,000, which it intends to use for the next five years. This machine is expected to save GMC $31,000 during the first operating year. Then the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert