21 If a 5 per cent fall in the price of chocolate sauce increases the quantity of...

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21 If a 5 per cent fall in the price of chocolate sauce increases the quantity of chocolate sauce demanded by 10 per cent and increases the quantity of ice cream demanded by 15 per cent, calculate the a Price elasticity of demand for chocolate sauce.

b Cross elasticity of demand for ice cream with respect to the price of chocolate sauce.

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Economics

ISBN: 9781118150122

10th European Edition

Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews

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