Answer to Question 1
percentage change in quantity of cream cheese demanded = (10,000-12,000)/11,000 = -2,000/11,000 = -18.2
percentage change in the price of a bagel = (0.65 - 0.45)/0.55 = 0.20/0.55 =
36.4 . Therefore, the cross price elasticity = -18.2/36.4 = -0.5
Because the cross-price elasticity is negative, this implies that the two goods are complements.
Answer to Question 2
Since 1960, income per person in the nations of Hong Kong, Singapore, Korea, Taiwan, and China have grown very rapidly and are rapidly catching up to the United States. Income per person in Hong Kong is virtually the same as that in the United States and income per person in Singapore slightly exceeds that in the United States. Income in Korea also is relatively close. Income in China is the lowest, though recently China has been growing the most rapidly. China's level of income in 2010 is similar to that of Hong Kong in 1976.
J. M. W. Turner, The Upper Falls of the Reichenbach.
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