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Cross-price elasticity of demand for budwieser beer

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The total annual demand (in barrels) for a Modesto per county in the US has been estimated to relate to the average price of Budweiser (Pb), the average price of Coors (Pc) and Miller (Pm) beers , county population (Pop), and county per capita income (Income) in dollars per person, as follows:

QA = -60,000-500Pb + 300Pc + 600Pm+.05 +1.5 income

Consider a county where the average price for Budwieser (Pb) is $180, the average price of Coors (Pc) is $160, and for Miller (Pm), it is $155 (all prices in dollar per barrel). In this county, total population (Pop) is $100,000 and annual per capita income (Income) is $25,000. The annual quantity of Budweiser beer sold in this county (Qa) is 78,500 barrels. What is the cross-price elasticity of demand for Budwieser beer with respect to Coors beer?

Reference no: EM132647766

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