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1.2.3 Price, income and cross elasticities of demand

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Question 17

Plant-Based Milk Market in Sweden

Price elasticity of demand for cow's milk-1.25
Cross price elasticity of demand for oat milk in response to a price change in cow's milk+0.75

The price of cow's milk increases by 8%. Ceteris paribus, calculate the percentage change in the quantity demanded for oat milk. You are advised to show your working.

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1.2.3 Price, income and cross elasticities of demand Questions

  1. A Level
  2. /Economics
  3. /1.2.3 Price, income and cross elasticities of demand