Suppose the price elasticity of demand for coke is −3 and the cross-price elasticity of demand between coke and the price of Pepsi is 2.2. If the price of Pepsi decreases by 5%, what would happen to the demand for coke and what would have to happen to the price of coke to exactly offset the fall in the price of Pepsi and leave the quantity demanded of coke unchanged, respectively

In the graph on the right, the demand for sub sandwich rolls has changed because the price of sandwich meat has risen from $2.80 to $3.80 per package. (Use the The cross-price elasticity of demand between sandwich meat and sub sandwich rolls is midpoint formula and enter your response rounded to two decimal places. Be sure to include the minus sign if necessary.) Question Viewer Price (dollars per package of rolls) 4.00- 3.75- 3.50- 3.25- 3.00- 2.75- 2.50- 2.25- 2.00-1.89 1.75- 1.50- 1.25- 1.00- 0.75- 0.50- 0.25- 0.00+ 0 Submarine sandwich rolls S D₁ D₂ 6,000 7,0009,000 3,000 6,000 9,000 12,000 15,0 Quantity (packages of rolls per week)

a) Suppose the price of flour increases from $0.60 to $1.10 a pound and the quantity demanded decreases from 100 pounds to 60 pounds. Using the midpoint method, what is the price elasticity of demand for flour? Is the demand for flour elastic or inelastic? b) A 15 percent increase in income brings about a 25 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good?

If the cross-price elasticity between coffee and cream is equal to -0.5, then a 10% increase in the price of coffee will cause: a 20% decrease in the quantity of cream demanded a 5% increase in the quantity of coffee demanded a 5% decrease in the quantity of coffee demanded a 5% decrease in the quantity of cream demanded a 20% decrease in the quantity of coffee demanded

Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data shows that the quantity demanded of organic lemonade drinks changed from 80 to 85. Compute the income elasticity for organic lemonade drinks, is organic lemonade a normal or an inferior good?

Someone tells you the "absolute value" of the cross price elasticity of two substitutes like Coke and Pepsi is 2.40. Based on this information, what percent change in the price of Coke will cause the quantity demanded of Pepsi to increase by 3%.

The price of Samsung mobile phones rises from £175 to £125. This leads to an increase in the quantity demanded of Nokia mobile phones from 8375 per week to 8750. What is the cross price elasticity of demand for the mobile phones? What does this this suggest about the relationship between the two products?

When the price of chicken rises 31%, the quantity demanded of chicken falls 21%. What is the price elasticity of demand?

If Good C increases in price by 3030% a pound, and this causes the quantity demanded for Good D to increase by 40%40%, what is the cross-price elasticity of the two goods? Round your answer to one decimal place.

Respond to the following in a minimum of 175 words: Compare and contrast the price elasticity of supply and price elasticity of demand. Define income elasticity and how it distinguishes normal and inferior goods. How do you think income elasticity affects a normal good versus an inferior good? Provide a real-world example.