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Change in demand and Cross price elasticity

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Please help with the following finance problems.

Type of Orange Florida Indian Florida Interior California
River

Florida Indian River -3.07 +1.56 +0.01
Florida Interior +1.16 -3.01 +0.14
California +0.18 +0.09 -2.76

Determine by how much the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida interior oranges, and vice versa.

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Solution Summary

The following solution describes the steps to calculate the change in demand of related good as a result of the change in the price of related goods. Step by step calculations are given.

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Problem: Determine by how much the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida interior oranges, and vice versa.

Solution:

Let X denotes Florida Indian River orange
Let ...

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  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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