Future Flight Corporation produces the variety of frisbees selling for $2.98 each. Sales have averaged 10,000 units per month during last year. Currently Future Flight's closest competitor, Soaring Free Company, cut prices on similar frisbees from $3.49 to $2.29. Future Flight noted that sales declined to 7,000 units per month after price cut.
i) Find cross elasticity of demand between Future Flight's and Soaring Free's frisbees?
ii) Interpret numerical value obtained in i.