Cross price elasticity of demand

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Reference no: EM1335445

If the price of pork increases by 10 percent, by how much does the demand for beef change? (b) If the price of clothing increases by 10 percent, by how much does the demand for food change?

Cross-Price Elasticity of Demand

Commodity x Commodity y Cross-Price Elasticity

Margerine (US) Butter (US) 1.53

Pork (US) Beef (US) 0.40

Mutton/Lamb Beef/Veal (UK) 0.28

Pork (UK) Beef/Veal (UK) 0.00

Natural Gas (US) Electricity (US) 0.80

Coal (Ireland) Oil (Ireland) 0.70

Coal (Ireland) Natural Gas (ireland) 0.40

Entertainment (US) Food (US) -0.72

European Cars Us domestic and asian cars 0.76

Asian Cars Us domestic and european cars 0.61

US domestic cars European and Asian care 0.28

Automobile (Australia) Bus transportation (Australia) 0.07

Reference no: EM1335445

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