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Elasticity: Assume the following information: When the price of carrots increases 10%, consumers buy 15% fewer carrots. When the price of green beans falls 9%,

Elasticity: Assume the following information:

  • When the price of carrots increases 10%, consumers buy 15% fewer carrots.
  • When the price of green beans falls 9%, consumers buy 27% more green beans.
  • When the price of carrots decreases 16%, consumers buy 8% more green beans.
  • When income increases by 5%, consumers buy 4% more carrots and 6% more green beans.

Calculate the cross-price elasticity of demand for carrots and green beans.How are these products related to each other on the demand side?(Hint:you willnotneed to use all of the information provided.)

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