Change in demand and Cross price elasticity
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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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