Homework Answers
Cross price elasticity = [(q2-q1)/((q2+q1)/2)] / [(p2-p1)/((p2+p1)/2)]
Cross price elasticity = [(60-50)/((60+50)/2)] / [(3-2)/((3+2)/2)]
= [10 / 55] / [1 / 2.5]
= 0.4545 ~ 0.45 (round to two deccimal places)
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Suppose that the chicken industry is in long-run equilibrium at
a price of $5 per pound of chicken and a quantity of 50 million
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demand a) more b) less chicken at every
price.
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a) producing less chicken and running at a...
Suppose that the chicken industry is in long-run equilibrium at
a price of $5 per pound of chicken and a quantity of 300 million
pounds per year. Suppose that the Centers for Disease Control (CDC)
announces that a chemical found in chicken is causing bacterial
infections to spread around the world.
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