Show solutions to each problem: Write your answer on yellow paper and upload it. Write legibly and in an orderly manner, and box your final answer. Properly scan your answer and upload it. Thank you 1) The South Beach Cafe recently reduced appetizer prices from $12 to $10 for afternoon "early bird" customers and enjoyed a resulting increase in sales from 90 to 150 orders per day. Beverage sales also increased from 300 to 600 units per day. A. Calculate the arc price elasticity of demand for appetizers. B. Calculate the arc cross-price elasticity of demand between beverage sales and appetizer prices.

Show solutions to each problem: Write your answer on yellow paper and upload it. Write legibly and in an orderly manner, and box your final answer. Properly scan your answer and upload it. Thank you 1) The South Beach Cafe recently reduced appetizer prices from $12 to $10 for afternoon "early bird" customers and enjoyed a resulting increase in sales from 90 to 150 orders per day. Beverage sales also increased from 300 to 600 units per day. A. Calculate the arc price elasticity of demand for appetizers. B. Calculate the arc cross-price elasticity of demand between beverage sales and appetizer prices.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.1P

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