A 10 percent increase in the price of soda leads to a 20 percent increase in the quantity of iced tea demanded. It appears that: OAA 10 percent increase in the price of soda leads to a 20 percent increase

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asked Apr 23, 2023 155k views

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A 10 percent increase in the price of soda leads to a 20 percent increase in the quantity of iced tea demanded. It appears

that:
OAA 10 percent increase in the price of soda leads to a 20 percent increase in the quantity of iced tea demanded. It
appears that:
B. elasticity of demand for iced tea is 2 and is elastic.
C. cross-price elasticity of demand for soda is -0.5.
D. cross-price elasticity of demand for iced tea is -2.