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The following table contains information on the elasticity of demand for several meat products. Use the information in the table to answer the following questions.
The following table contains information on the elasticity of demand for several meat products. Use the information in the table to answer the following questions. Values on the main diagonal of the table represent the own-price elasticity for the good. Values on the off diagonal represent cross-price elasticities. Elasticity Estimates Price of Beef Price of Pork Price of Poultry Quantity of Beef -0.56 0.1 0.05 Quantity of Pork 0.23 -0.69 0.04 Quantity of Poultry 0.21 0.07 -0.33 A - Interpret the own-price elasticity of pork. What is the value and characterize the elasticity as elastic or inelastic? B - Interpret the cross-price elasticity of beef for a given change in the price of pork. What is the value and characterize the goods as substitutes or complements
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