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When the
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.
Calculate the cross elasticity of
Step by step
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- Question 1 Table 1: Consumption of Bread and Flour Consumer Consumption Consumption 1 2 3 4 5 of Bread of Flour 10 90 026205 6 15 10 120 50 75 A supermarket has employed you to do some analysis of their customers' shopping. They have provided you with the data in Table 1. Based on the data in Table 1, explain what preference type you would use in your analysis. (10 marks)The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Item Price 2017 (Base Year) Price 2018 Production Price per Unit ($) Production Price per Unit ($) Rice (tons) 50,000 1.50 55,000 2.00 Wheat (tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23000.00 45,000 2,450.00 Cotton (tons) 120,000 100.00 110,000 120.00 Used cars 5,000 5,000.00 6,000 7,000.00 Manufacture garments (tons) 150,000 50.00 145,000 70.00 Eggs (trays) 2,000 2.50 2,300 3.50 Coca Cola (litres) 6,000 0.80 6,500 1.20 Pepsi Cola (litres) 700 1.10 850 1.50 Beef (tons) 5,000 6.50 4,800 8.50 Second Hand Clothes (tons) 500 15.00 450 25.00 Alcoholic Beverages (litres) 500 3.25 600 3.75 Milk (litres) 7,000 2.30 7,500 2.50 Examine the…Please answer part (iv) of the above question