Practice: An increase in the demand for chicken, from 8,000 to 12,000, was caused by an increase in the price of beef from $4.50 to $5.50. Therefore, the cross-price elasticity for these two products is:

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Subjects

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Percentage Change and Price Elasticity of Demand | 19 mins | 0 completed | Learn |

Elasticity and the Midpoint Method | 25 mins | 0 completed | Learn |

Price Elasticity of Demand on a Graph | 12 mins | 0 completed | Learn |

Determinants of Price Elasticity of Demand | 6 mins | 0 completed | Learn |

Total Revenue Test | 13 mins | 0 completed | Learn |

Total Revenue Along a Linear Demand Curve | 15 mins | 0 completed | Learn |

Income Elasticity of Demand | 24 mins | 0 completed | Learn |

Cross-Price Elasticity of Demand | 13 mins | 0 completed | Learn |

Price Elasticity of Supply | 12 mins | 0 completed | Learn |

Price Elasticity of Supply on a Graph | 4 mins | 0 completed | Learn |

Elasticity Summary | 10 mins | 0 completed | Learn |

Concept #1: Cross-Price Elasticity of Demand

Practice: An increase in the demand for chicken, from 8,000 to 12,000, was caused by an increase in the price of beef from $4.50 to $5.50. Therefore, the cross-price elasticity for these two products is:

Practice: The cross-price elasticity of demand between apples and oranges is defined as

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Concept #1: Cross-Price Elasticity of Demand

Practice #1: Cross-Price Elasticity of Demand

Practice #2: Cross-Price Elasticity of Demand

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