From table 4-1 in the text, which gives the price elasticity of demand for Florida Indian River Oranges, Florida interior oranges, and California oranges, as well as the cross price elasticities among them, determine:

Question

(a) by how much the quantity demanded of each type would change if its price were reduced by 10%.
(b) whether the sellers’ total revenues would increase, decrease, or remain unchanged with the 10% decrease in price
(c) whether the sellers’ profits would increase, decrease, or remain unchanged with the 10% decrease in price
Table 4-1
Type of orange Florida Indian River Florida Interior California
Florida Indian River -3.07 1.56 0.01
Florida Interior 1.16 -3.01 0.14
California 0.18 0.09 -2.76

Answer 1

obviously, I would need to see table 4-1 to answer this question