If the price of mutton increases from $15/kg to $18/kg, the demand for beef rises from...

 

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If the price of mutton increases from $15/kg to $18/kg, the demand for beef rises from 100 kg to 150kg while the quantity demanded of mutton reduces from 50kg to 30kg. Q. 3.b.i) Calculate the cross-elasticity for mutton & beef (1mark) Q. 3.b.ii) Calculate the price elasticity of mutton. (1 mark) Q. 3.b.iii) the change in equilibrium P & Q for beef (1 mark) Q. 3.b.iv) the change in the equilibrium P & Q for mutton (1 mark) If the price of mutton increases from $15/kg to $18/kg, the demand for beef rises from 100 kg to 150kg while the quantity demanded of mutton reduces from 50kg to 30kg. Q. 3.b.i) Calculate the cross-elasticity for mutton & beef (1mark) Q. 3.b.ii) Calculate the price elasticity of mutton. (1 mark) Q. 3.b.iii) the change in equilibrium P & Q for beef (1 mark) Q. 3.b.iv) the change in the equilibrium P & Q for mutton (1 mark)

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