Question 1: If the price of pork increases by 10 percent, by how much does the demand for beef change?
Question 2: If the price of clothing increases by 10 percent, by how much does the demand for food change?
Cross-Price Elasticity of Demand
Commodity x Commodity y Cross-Price Elasticity
Margerine (US) Butter (US) 1.53
Pork (US) Beef (US) 0.40
Mutton/Lamb Beef/Veal (UK) 0.28
Pork (UK) Beef/Veal (UK) 0.00
Natural Gas (US) Electricity (US) 0.80
Coal (Ireland) Oil (Ireland) 0.70
Coal (Ireland) Natural Gas (ireland) 0.40
Entertainment (US) Food (US) -0.72
European Cars Us domestic and asian cars 0.76
Asian Cars Us domestic and european cars 0.61
US domestic cars European and Asian care 0.28
Automobile (Australia) Bus transportation (Australia) 0.07