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c. Use the information in the table to calculate, to two decimal places, how a 5% increase in the price of Pepsi affects the quantity of Coke demanded. The quantity demanded will change by d. Use the information in the table to calculate, to one decimal place, how a 10% decrease in the price of gasoline affects the quantity of SUVs demanded. The quantity demanded will change by %Elasticity - End of Chapter Problem The accompanying table lists the cross-price elasticities of Cross-price demand for several goods, where the percentage quantity elasticities of change is measured for the first good of the pair, and the Good demand percentage price change is measured for the second good. Air-conditioning units and Explain the sign of each of the cross-price elasticities. kilowatts of electricity 0.34 What does it imply about the relationship between the two Coke and Pepsi 10.63 goods in question? High fuel consumption sport utility vehicles 0.28 (SUVS) and gasoline a. The negative cross-price elasticity for air-conditioning Mcdonald's burgers and Burger King burgers +0.825 units and kilowatts of electricity, and for SUVs and gasoline, means they are Butter and margarine +1.54 The positive cross-price elasticity for Coke and Pepsi, Mcdonald's and Burger King burgers, and butter and margarine means they are a. The negative cross-price elasticity for air-conditioning Mcdonald's burgers and Burger King burgers units and kilowatts of electricity, and for SUVs and Butter and margarine gasoline, means they are complements. substitutes. Mcdonald's and Burger King burgers, and butter and margarine means they are complements. substitutes. elasticities and explain their magnitudes. For example, why is the cross-price elasticity of Mcdonald's burgers b. 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 burgers less than the cross-price elasticity of butter and margarine? Since the cross-price elasticity of butter and margarine is larger than the cross-price elasticity of Mcdonald's burgers and Burger King burgers, butter and margarine are closer substitutes than are Mcdonald's and Burger King burgers. Since the cross-price elasticity of butter and margarine is larger than the cross-price elasticity of Mcdonald's burgers and Burger King burgers, Mcdonald's and Burger King burgers are closer substitutes than are butter and margarine