Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Calculate the cross price elasticity of demand for wheat The wheat demand function is q 9 ...

Calculate the cross price elasticity of demand for wheat The wheat demand function is q 9 p 16.2 pr 02 y where q is the quantity of wheat demanded in thousands of metric tons per year

Calculate the cross price elasticity of demand for wheat. The wheat demand function is q = 1200 – 9.5 p +16.2 pr + 0.2 y where q is the quantity of wheat demanded in thousands of metric tons per year, p is theprice of wheat in $ per kg, pr is the price of rice in $ per kg, and y is the income of the consumers.Assume that p is initially $45 per kg is $31 per kg, and q is 1275 thousand metric tons per year.
(1) -0.34(2) 0.39(3) 9.5(4) 16.2(5) None of the above

May 15 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions