Look closer at Table 5 on page 31. This table shows own and cross price elasticities of demand for a list of products. Which demand is the most price-elastic? Which is the most price-inelastic? Give three examples of pairs of products that are substitutes. Give three examples of pairs that are complements (use only examples that are in bold, which indicates that the estimates of cross-price elasticity are statistically significant).

Of the two situations described in point 1 above, which one is closer to the truth, as identified empirically by the authors?

Table 5 Price Elasticities of Demand for Dairy Products Calculated at the Mean of the Explanatory Variables