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Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by 10%, what would have to happen to the price of cereal to exactly offset the rise in the price of milk so as to leave the quantity of cereal demanded unchanged?
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Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
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