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in 2016, average incomes in a country rose from 30 000 to 32 400. this caused a change in the quantity demanded for two particular products:x and y. The total annual quantity demanded for product x rose from 24 million units to 30 million units. however, the quantity demanded for product y fell from 10 units to 9 million units.

1. Calculate the income elasticity of demand for products X & Y.

2. Are the 2 products (X & Y) income elastic or income inelastic.

3. Are the 2 products X and Y normal or inferior? Give an explanation in your answer.

Assume that the following conditions exist: a. all banks are fully loaned up- there are no excess reserves, and desired excess reserves are always zero. b. the money multiplier is 5 .     c. the planned investment schedule is such that at a 4 percent rate of interest, investment =$1450 billion. at 5 percent, investment is $1420 billion. d. the investment multiplier is 3 . e.. the initial equilibrium level of real gdp is $12 trillion. f. the equilibrium rate of interest is 4 percent now the fed engages in contractionary monetary policy. it sells $1 billion worth of bonds, which reduces the money supply, which in turn raises the market rate of interest by 1 percentage point. calculate the decrease in money supply after fed's sale of bonds: $nothing billion.

Compute the cost of not taking the following cash discounts. (use a 360-day year. do not round intermediate calculations. input your final answers as a percent rounded to 2 decimal places.)

Bayside coatings company purchased waterproofing equipment on january 2, 20y4, for $190,000. the equipment was expected to have a useful life of four years and a residual value of $9,000. instructions: determine the amount of depreciation expense for the years ended december 31, 20y4, 20y5, 20y6, and 20y7, by (a) the straight-line method and (b) the double-declining-balance method. also determine the total depreciation expense for the four years by each method. depreciation expense year straight-line method double-declining-balance method 20y4 $ $ 20y5 20y6 20y7 total $