4G . ..1 1:14 2.10 KB /S : 49% Managerial Economics Activity - Saved O . . . A. Agricultural products are known to have a price-elastic demand and to be necessities. How can this information allow us to explain why the income of farmers fall after harvest? B. Why are tastes converging around the world? What are the importance of this to Philippine business? TABLE 4-1 PRICE ELASTICITY AND CROSS PRICE ELASTICITY OF DEMAND FOR FLORIDA INDIAN RIVER, FLORIDA INTERIOR, AND CALIFORNIA ORANGES Price Elasticities and Cross-Price Elasticities Type of Change Florida Indian Florida Interior California River Florida Indian River -3.07 +1.56 +0.01 Florida Interior +1.16 -3.01 +0.14 California +0.18 +0.09 -2.76 C. From the above table, determine how much the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida Interior oranges, and vice versa