Following table shows the demand for three goods: Price…
Following table shows the demand for three goods: Price of good A Quantity Sold of good A Quantity Sold of good B Quantity Sold of good C $50 250 400 200 $60 220 500 140 1) Calculate cross-elasticity of demand between good A and B2) Based on your result in part 1 explain the relationship between Goods A and B (are they substitutes or complements)3) Calculate cross-elasticity of demand between good A and C4) Based on your result in part 3 explain the relationship between Goods A and C (are they substitutes or complements)