Good Cross-price Elasticity of Demand Air-conditioning units and kilowatts of electricity -0.34 Coke and Pepsi +0.63 High-fuel-consuming sport-utility vehicles (SUVs) and gasoline -0.28 Mcdonald's burgers and Burger King burgers +0.82 Butter and margarine +1.54 Source: Faculty of Economics Pepperdine University, 10 January 2020. [Online] Available at: hitters /beaver pepperdine.ed [Accessed on: 10 January 2020] 4.1 Explain the sign of each of the cross-price elasticities. What does it imply about the relationship between the two goods in question? (4 Marks) 4.2 Compare the absolute values of the cross-price elasticities and explain their magnitudes For example, why is the cross-price elasticity of Mcdonald's burgers and Burger King's burgers less than the cross-price elasticity of butter and margarine? (6 Marks) 4.3 Use the information in the table to calculate how a 5% increase in the price of Pepsi will affect the quantity of Coke demanded (2 Marks) 4.4 Use the information in the table to calculate how a 10% decrease in the price of gasoline affects the quantity of SUVs demanded. (2 Marks) [14 Marks]