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Biraj Biraj
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Posts: 481
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5 years 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
Textbook 
Introduction to Agricultural Economics

Introduction to Agricultural Economics


Edition: 7th
Authors:
Read 65 times
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Replies
wrote...
#1
5 years ago
10% decrease
Biraj Author
wrote...
#2
5 years ago
Thanks
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