What is the cross price elasticity of the demand for apple

Assignment Help Business Economics

Reference no: EM13151169

Consider the apple juice and orange juice markets. Suppose the current market price of a half gallon of apple juice is $2.50 and at this price 18 bottles of apple juice are demanded. Also suppose the current market price for a half-gallon of orange juice is $3.25 and at this price 17 bottles of orange juice are demanded. When the price of a half-gallon of orange juice increases to $3.75, and the price of apple juice remains unchanged, the quantity demanded of orange juice decreases to 14 bottles and the quantity demanded of apple juice increases to 22 bottles. Using the midpoint method, what is the cross price elasticity of the demand for apple juice with regard to the price of orange juice

Reference no: EM13151169

Questions Cloud

At what output level would the monopolist produce : At what output level would the monopolist produce? (C) At what output level would a perfectly competitive firm produce?

Estimated taxes to avoid penalty : How much must Paul pay in estimated taxes to avoid a penalty (disregard the making work credit)? If Paul paid $1,000 per quarter, would he have avoided the estimated tax penalty?

Can believe two flights being full are independent events : The chance the late flight is full is 0.7. The chance both flights are full is 0.6. Can we believe the two flights being full are independent events?

Assessing risk factors due to errors and fraud : When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation? - Answer 150-200 words.

What is the cross price elasticity of the demand for apple : Using the midpoint method, what is the cross price elasticity of the demand for apple juice with regard to the price of orange juice

What percentage of normal adults considered to have fever : What percentage of normal and healthly adults would be considered to have a fever? Does this percentage suggest that a cutoff of 100.6 F is approproate?

How many moles of cl- are in the new solution : When 30 mL of a 365 mL stock solution containing 1.8999999999999997 M AlCl3 is diluted to 81 mL, how many moles of Cl- are in the new solution?

Determining weighted average number of shares : Compute the weighted average number of shares to be used in computing earnings per share for 2007.

Calculate the mass of solute and water : Compute the mass of solute and water needed to prepare the following solutions: 1. 150 g of 1.00 m (NH4)2SO4: (a) from pure solid (NH4)2SO4 (b) from solid (NH4)2SO4 with a purity of 87.2 wt-% 2. 1.50 L of a 20 wt-% Pb(NO3)2 solution whose density ..

User Account

All Pages