Problem
If a 5 percent fall in the price of chocolate sauce increases the quantity demanded of chocolate sauce by 10 percent and increases the quantity of ice cream demanded by 15 percent, calculate the:
a. Price elasticity of demand for chocolate sauce.
b. Cross elasticity of demand for ice cream with respect to the price of chocolate sauce.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.