Using the table below which outlines the price and quantity demanded of three  goods, calculate the following:                         P1     P2     Q1     Q2 Lobster           2.50  1.45    30      65 Cereal            9.00  12.00   40      25 Orange Juice  4.45   6.75    150   125 i. The price elasticity of demand for lobster  ii. The cross-price elasticity of cereal with respect to orange juice

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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Using the table below which outlines the price and quantity demanded of three 
goods, calculate the following:
                        P1     P2     Q1     Q2
Lobster           2.50  1.45    30      65
Cereal            9.00  12.00   40      25
Orange Juice  4.45   6.75    150   125
i. The price elasticity of demand for lobster 
ii. The cross-price elasticity of cereal with respect to orange juice 

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