Decrease in the price of beets impact the carrots market

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Suppose the demand for a product is ln Q = ln 6- 0.5 ln P. The demand for this product is ___________, and consumption will increase by _______ jif price falls by 4%.

The own-price elasticity of deman for apples is -2.5. If the price of apples decreases by 4%, what will happen to the quantity of apples demanded?

If the cross-price elasticity between beets and carrots is -3, how will a 2% decrease in the price of beets impact the carrots market?

Reference no: EM131236966

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