Suppose the cross price elasticity of demand between grapefruit fruit and orange juice is approximately 6. what does this mean? a. a 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption. b. the demand for orange juice is 6 times greater than the demand for grapefruit juice. c. if the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased. d. a 1 percent decrease in the price of grapefruit juice leads to a 6 percent decrease in orange juice consumptio

Xinhong company is considering replacing one of its manufacturing machines. the machine has a book value of $39,000 and a remaining useful life of 5 years, at which time its salvage value will be zero. it has a current market value of $49,000. variable manufacturing costs are $33,300 per year for this machine. information on two alternative replacement machines follows. alternative a alternative b cost $ 115,000 $ 117,000 variable manufacturing costs per year 22,900 10,100 1. calculate the total change in net income if alternative a and b is adopted. 2. should xinhong keep or replace its manufacturing machine