From Table 4-1 in the text, determine by how much the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida interior oranges, and vice versa.

Question

From Table 4-1 in the text, determine by how much the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida interior oranges, and vice versa.
Table 4-1:
Type of Orange		Florida Indian River		Florida Interior
Florida Indian River		-3.07				+0.01
Florida Interior		           +1.16	                    		 -3.01

economyst · Answer

I'm having mucho trouble here. I need to see the table to see what is going on.

Margaret · Answer

Table 4-1: Type of Orange: Florida Indian River Florida Interior Florida Indian River -3.07 +0.01 Florida Interior +1.16 -3.01

economyst · Answer

So, I take it, this is a two-by-two table. The rows are Indian River and Interior. The columns are also Indian River and Interior. What are the values in the tables? That is, what do they measure or represent??