(a) If the price of pork increases by 10 percent, by what percentage does the demand for beef change
Question: (a) If the price of pork increases by 10 percent, by what percentage does the demand for beef change?
| Commodity X | Commodity Y | Cross-Price Elasticity |
| Margarine (US) | Butter (US) | 1.53 |
| Pork (US) | Beef (US) | 0.40 |
| Mutton/lamb (UK) | Beef/veal (UK) | 0.28 |
| Pork (UK) | Beef/veal (UK) | 0.00 |
| Natural gas (US) | Electricity (US) | 0.80 |
| Coal (Ireland) | Oil (Ireland) | 0.70 |
| Coal (Ireland) | Natural gas (Ireland) | 0.40 |
| Entertainment (US) | Food (US) | -0.72 |
| European Cars | US domestic and Asian cars | 0.76 |
| Asian cars | US domestic and European cars | 0.61 |
| US domestic cars | European and Asian cars | 0.28 |
| Automobile (Australia) | Bus transportation (Australia) | 0.07 |
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Solution: The downloadable solution consists of 1 page
Deliverables: Word Document
Deliverables: Word Document
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Math Solutions
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Math Solutions
