Problem
1. If the price of laser eye surgery falls by 50 percent and the quantity of contact lenses demanded falls by 25 percent, find the cross elasticity of demand for these two goods.
2. If your income rises by 20 percent and you decide to increase your purchases of clothing by 10 percent, find your income elasticity for clothing.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.