Consider that a 12% increase in the price of orange juice decreases the quantity of orange juice demanded by 22% and increases the quantity of apple juice demanded by 14%.
[a.] Calculate the price elasticity of demand for orange juice. [show all workings!] [3]
[b.] Calculate the cross price elasticity of demand for apple juice. [show all workings!] [3]
[a.] Calculate the price elasticity of demand for orange juice. [show all workings!] [3]
[b.] Calculate the cross price elasticity of demand for apple juice. [show all workings!] [3]