Principles of Microeconomics|ECON 101|University of British Columbia
What is price elasticity of demand? Mention the determinants of price elasticity of demand. Suppose, the cross elasticity of demand for beef with respect to chicken is E= +1.5. (i) If price of chicken is increased by 40%, what will happen to the demand for beef? (ii) What kind of relationship exists between beef and chicken in this case?