"The Department of Agriculture came out today with its prediction for food price next year—4 to 5 percent increases on top of this year's already steep gains… Eggs, dairy products and cereals will be up 10 percent... Beef, poultry and pork will be up only 3 percent this year." Calculate Lali's price elasticity of demand for pork if she decreases her consumption by 4 percent. a. 0.75 b. 0.66 c. 1 d. 1.25

"The Department of Agriculture came out today with its prediction for food price next year—4 to 5 percent increases on top of this year's already steep gains… Eggs, dairy products and cereals will be up 10 percent... Beef, poultry and pork will be up only 3 percent this year." Calculate Lali's price elasticity of demand for pork if she decreases her consumption by 4 percent. a. 0.75 b. 0.66 c. 1 d. 1.25

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...

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