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Calculate the change in quantity demanded

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Reference no: EM132661494

The cross-price elasticity of coffee with respect to muffins is -2, with respect to tea is 3

  1. Are coffee and muffins normal goods, inferior goods, complementary goods or substitute goods? how about coffee and tea?
  2. if the increase in the price of muffins is 10%, calculate the change in quantity demanded in the coffee market.
  3. if the increase in the price of coffee is 10%, calculate the change in quantity demanded in the tea market.

Reference no: EM132661494

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