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dwilliams11 dwilliams11
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Posts: 309
A week ago

Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?



A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption.



A 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption.



The demand for orange juice is 6 times greater than the demand for grapefruit juice.



If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased.

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shamanieshamanie
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Posts: 306
A week ago
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A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption.

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Good timing, thanks!
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Exactly what I needed, TYSM
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Appreciate the effort, thank you!
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