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Suppose the price of The Times newspaper was reduced from 45p to 30p. The table shows sales at the time of the reduction
Posted: Sat Mar 19, 2022 5:48 pm
by answerhappygod
- Suppose The Price Of The Times Newspaper Was Reduced From 45p To 30p The Table Shows Sales At The Time Of The Reduction 1 (239.29 KiB) Viewed 27 times
Suppose the price of The Times newspaper was reduced from 45p to 30p. The table shows sales at the time of the reduction (Week 1) and four weeks later (Week 4). Sales figure of The Guardian newspaper are also given for the same two weeks. The Times (Week 1) (Week 4) Quantity sold 11,565 13,266 The Guardian (Week 1) (Week 4) 9,009 8,474 From this information, calculate the cross-elasticity of demand for The Guardian in relation to The Times price reduction using the average value method. Your final answer should be expressed to two decimal places. In