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Answer in Microeconomics for Ethan Hunt #158985

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March 27th, 2023

The crops price elasticity of demand for come with respect to pepsi was estimated to be +0.65.

Calculate and explain the percentage by which the quantity demanded of come will change if there is a 6% increase in the price of pepsi. You are advised to show your working.

3 marks

By the definition of the cross price elasticity of demand, we have:

“E_d=dfrac{% change in quantity of come}{% change in price of pepsi},”“% Delta Q_{come}=E_d% Delta P_{pepsi}=0.65cdot6%=3.9%”

The quantity demanded of come will change by 3.9% if there is a 6% increase in the price of pepsi.

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