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Suppose that a retailer sells 500 six-packs of Dr. Pepper per day at $3.50/six-pack. Also, suppose ...

Biraj

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Suppose that a retailer sells 500 six-packs of Dr. Pepper per day at $3.50/six-pack. Also, suppose ...

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

Textbook

Introduction to Agricultural Economics

Edition: 7^th

Authors: Penson, Rosson, Woodward

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Brittany08196

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5 years ago

10% decrease

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Biraj Author

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5 years ago

Thanks

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