Suppose if the price of frozen yogurt decreases, elucidate the change it might cause on the ice-cream market given the consumption behavior and also illustrates the same through using 2-dimensional space. In your opinion what type of elasticity best describes this situation?
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The price of frozen yogurt
Explanation:
- With a focus on functional form selection and endogeneity demand elasticities and flexibilities for food products over a wide range of temporal, spatial, and product aggregation, decision makers will have accurate demand elasticity and flexibility estimates for frozen dairy products and their primary substitutes.
- Price elasticities of demand for ice cream and frozen novelties, as part of a large-scale full demand system for elasticities for ice cream, frozen yoghurt, and frozen novelties.
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