What would you predict about the relative price elasticity of demand for leafy vegetables? The demand for leafy vegetables is OA. more price elastic than the demand for leafy vegetables sold at your local supermarket, since the product group of leafy vegetables is narrower than the product group of leafy vegetables sold at your local supermarket. OB. less price elastic than the demand for leafy vegetables sold at your local supermarket, since the product group of leafy vegetables is broader than the product group of leafy vegetables sold at your local supermarket. OC. less price elastic than the demand for leafy vegetables sold at your local supermarket, since the product group of leafy vegetables is narrower than the product group of leafy vegetables sold at your local supermarket. O D. more price elastic than the demand for leafy vegetables sold at your local supermarket, since the product group of leafy vegetables is broader than the product group of leafy vegetables sold at your local supermarket.

32. Studies indicate that the price elasticity of demand for rice is 0.7. If the price of rice fell from $6 to $2. According to the midpoint method, the quantity demanded of rice will rise by (show your calculations and workouts) a. 70% b. 30% C. 60% d. 20%

Research has found that the an increase in the price of Coca-Cola would increase quantity demanded for Pepsi.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship of Coca-Cola to Pepsi?  In addition, research has found that the an increase in the price of hot dog buns would decrease quantity demanded for hot dogs.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship between hot dog buns and hot dogs?  Please explain in detail your logic for both of these relationships.  Also, can you think of another example of products that would behave in similar ways to Coca-Cola/Pepsi and hot dogs/ hot dog buns?

Your research estimates the (own) price elasticity of demand for coffee as0.12 in absolute terms. If coffee prices rise by 8% what do you predict willbe the percentage change in quantity of coffee demanded?