ECON MICRO
ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 5, Problem 4.7P

(Cross-Price Elasticity) Rank the following in order of increasing (from negative to positive) cross-price elasticity of demand with coffee. Explain your reasoning.

Bleach _____ Tea _____ Cream _____ Cola _____

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Florin and Guilder are two countries separated by a narrow sea. They use currencies called, respectively, the Flop and the Gulp. Suppose the nominal exchange rate is 20 Flops per Gulp. A Guilderian trader buys a 120 Flop barrel of Florish pickles by exchanging 6 Gulps, and a Florish trader buys a 4 Gulp crate of Guilderian apples by exchanging 80 Flops. Then the Gulp depreciates to 10 Flops per Gulp. Instructions: Enter your answers as whole numbers. How much must the Guilderian pay for the same 120 Flop barrel of pickles?  Gulps How much must the Florish trader pay for the same 4 Gulp crate of apples?  Flops
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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License