ECON 103 Lecture Notes - Lecture 6: Arc Elasticity, Mavi Jeans
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13 Feb 2013
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Use the table below to answer the next question.
INCOME |
QUANTITY PURCHASED |
||
Automobiles |
Coffee |
Tea |
|
$30,000 |
2 |
10 |
5 |
$45,000 |
3 |
8 |
10 |
6. What is the cross-price elasticity between coffee and tea?
a) -.42
b) 1.07
c) -.94
d) -1.87
e) We don't have enough information to calculate cross-price elasticity.