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If the price of pork increases by 10 percent, by how much does the demand for beef change? (b) If the price of clothing increases by 10 percent, by how much does the demand for food change?

Estimated Cross-Price Elasticity of Demand (Exy)
between Selected Commodities
Commodity X Commodity Y Cross-Price Elasticity
Margarine(US) Butter(US) 1.53a
Pork(US) Beef (US) 0.40a
Mutton/Lamb (UK) Beef/Veal(UK) 0.28b
Pork (UK) Beef/Veal(UK) 0.00b
Natural Gas(US) Electricity(US) 0.80c
Coal(Ireland) Oil(Ireland) 0.70d
Coal(Ireland) Natural Gas(Ireland 0.40d
Entertainment(US) Food(US) -0.72e
European Cars US domestic & Asian 0.76f
Asian Cars US domestic and European 0.61f
US Domestic Cars European & Asian cars 0.28f
Automobile(Australia) Bus Transportation(Australia) 0.07b

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M957598

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