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Author Question: Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is ... (Read 74 times)

ARLKQ

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on: Oct 5, 2019

Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?


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A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption.


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A 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption.


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The demand for orange juice is 6 times greater than the demand for grapefruit juice.


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If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased.

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Marked as best answer by ARLKQ on Oct 5, 2019

Laurenleakan

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Reply #1 on: Oct 5, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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ARLKQ

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Reply 2 on: Oct 5, 2019
Great answer, keep it coming :)

jojobee318

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Reply 3 on: Yesterday
Wow, this really help

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