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5. When the price of almond milk is $3 per half gallon the quantity demanded of oat milk is 20,000 half gallons. When the
5. When the price of almond milk is $3 per half gallon the quantity demanded of oat milk is 20,000 half gallons. When the price of almond milk is $5 per half gallon the quantity demanded of oat milk is 30,000. Calculate the cross-price elasticity of demand for almond milk and oat milk. Based on your calculation, what type of goods are almond milk and oat milk?
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Calculation of CrossPrice Elasticity of Demand Given Initial price of almond milk P1 3 per half gall...
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Microeconomics
Authors: Christopher T.S. Ragan, Richard G Lipsey
14th canadian Edition
321866347, 978-0321866349
