• From the article: "Hormel Foods ... said on Thursday that sales volumes for its Jennie-O Turkey Store brand fell 20% year over year for the three months that ended July 31." Assume that the 20 percent decrease in sales volume means the number of turkeys sold declined by 20 percent. Holding everything else constant, if a 10 percent increase in price was solely responsible for a 20 percent decrease in the quantity of turkeys sold, what would be the value of the price elasticity of demand for turkeys?
• Would you expect the cross-price elasticity of demand between turkey and cranberry source to have a negative, positive or zero value?

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