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5. Use the following table to answer questions ])-3) attached. butter bread margarine Normal/Regular Price $3.09 $1.89 $1 99 Regular Demand 800 4:000 1,000 Sale
5. Use the following table to answer questions ])-3) attached. butter bread margarine Normal/Regular Price $3.09 $1.89 $1 99 Regular Demand 800 4:000 1,000 Sale Price $2.79 $1.29 $1.19 Sale Demand 1.200 7,000 1 600 Demand w/promo on butter N/A 6,300 500 Demand w/promo on bread 1,000 NIA 1.100 Demand w/promo on margarine 400 6.000 N/A 1) [5 points ] Calculate the cross-elasticity of demand (CE) between bread and butter when butter is promoted. Interpret the results. 2) [5 points] Calculate the cross-elasticity of demand ( CE) between butter and margarine when butter is promoted. Interpret the results. 3) [5 points] Calculate the cross-elasticity of demand (CE) between bread and margarine when bread is promoted. Interpret the results
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