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Question
In order to attract more customers on Sundays (off-peak day), Manal's Roasted Chicken Shop in Kuwait decided to reduce the price of its roasted chicken pack from $7.50 to $5.50. Based on this strategy, Sunday sales increased from 90 to 150. Also, Manal's sales of soft drinks rose from 60 to 110.
a. Calculate the arc price elasticity of demand for the roasted chicken packs.
b. Calculate the arc cross-price elasticity of demand between soft drink sales and roasted chicken pack prices.
c. What can you conclude about the relationship between the two products?
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