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wrote...
Posts: 158
2 months ago

Suppose that a retailer sells 500 six-packs of Dr. Pepper per day at $3.50/six-pack. Also, suppose that the cross-price elasticity between Dr. Pepper and Pepsi is 0.6. If the retailer lowers the price of Pepsi from $4.00 to $3.60/six-pack, what is the percentage change in the price of Pepsi?



• 6% increase

• 6% decrease

• 10% increase

• 10% decrease
Source  Download
Introduction to Agricultural Economics
Edition: 7th
Authors:
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wrote...
2 months ago
10% decrease
wrote...
2 months ago
Thanks
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