If a rise in the price of sushi from 98 to $1.02 a piece decreases the quantity
Question:
If a rise in the price of sushi from 98¢ to $1.02 a piece decreases the quantity of soy sauce demanded from 101 units to 99 units an hour and decreases the quantity of sushi demanded by 1 percent an hour, calculate the
a. Price elasticity of demand for sushi.
b. Cross elasticity of demand for soy sauce with respect to the price of sushi.
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a To calculate the price elasticity of demand for sushi we use the formula Price Elasticity of Deman...View the full answer
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