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Question 3

Question 3

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section7.3: The Law Of Supply And The Supply Curve
Problem 4R
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When the price of flour falls from $100 to $80, the quantity demanded of flour increases from 10 to 25, the quantity demanded of rice decreases from 20 to 15, and the quantity demanded of beef increases from 18 to 35.

 

I. Calculate the cross elasticity of demand for rice with respect to flour 

II. Of what use are these two cross elasticities of demand to the owner of a
business that sells rice and beef? 

answer this and show full workings 

 

Question 3
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