Solved: If a 5 percent fall in the price of chocolate sauce, Microeconomics

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If a 5 percent fall in the price of chocolate sauce

Question: If a 5 percent fall in the price of chocolate sauce increases the quantity demanded of chocolate sauce by 10 percent and increases the quantity of ice cream demanded by 15 percent, calculate the:

a. Price elasticity of demand for chocolate sauce.

b. Cross elasticity of demand for ice cream with respect to the price of chocolate sauce.

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Microeconomics: If a 5 percent fall in the price of chocolate sauce

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Microeconomics: If a 5 percent fall in the price of chocolate sauce

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