Calculate the price elasticity of demand for sushi


Problem

If a rise in the price of sushi from 98¢ to $1.02 a piece decreases the quantity of soy sauce demanded from 101 units to 99 units an hour and decreases the quantity of sushi demanded by 1 percent an hour, calculate the:

a. Price elasticity of demand for sushi.

b. Cross elasticity of demand for soy sauce with respect to the price of sushi.

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.

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Microeconomics: Calculate the price elasticity of demand for sushi
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