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Cross price elasticity of demand
Products
Cross - Product elasticity
Ground beef with price of poultry
024
Electricity with price of natural gas
0.20
Entertainment with price of food
-0.72
Use the above data to answer the following questions:
1. If the price of entertainment increases by 2 percent, what will happen to the quantity of food demanded? Please be specific
2. If the price of electricity falls by 3 percent, what will happen to the quantity of natural gas demanded?
3. If a shift in tastes increases the demand for poultry and drives up its price by 5 percent, what will happen to the quantity of ground beef demanded?
Use the aggregate demand-aggregate supply model to illustrate graphically the short-run and long-run impact of this decline on output and prices.
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