Cross Price elasticity of demand
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From Table below, 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
Type of Orange Florida Indian River Florida Interior
Florida Indian River -3.07 +0.01
Florida Interior +1.16 -3.01
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Solution Summary
Solution depicts the steps to calculate changes in demand in response to a price change.
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Let X denotes Florida Indian River orange
Let Y denotes Florida interior oranges
Cross price elasticity of X=% change in demand of X/ % change in prices of related good (Y)
0.01=% ...
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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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