From Table 4-1 in the text, determine how much the demand for Florida Indian River oranges would change as a result of a10 percent increase in the price of Florida interior oranges, and vice versa.
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To determine how the demand for Florida Indian River oranges would change as a result of a 10 percent increase in the price of Florida interior oranges, we need to refer to Table 4-1 in the text. Unfortunately, as an AI text-based bot, I don't have access to specific tables or textbooks.
In this case, you would need to refer to Table 4-1 in your textbook or relevant material that outlines the demand for Florida Indian River oranges in relation to the price of Florida interior oranges. This table should provide information on the elasticity of demand for Florida Indian River oranges, indicating how the quantity demanded changes with a change in the price of Florida interior oranges.
Once you have the necessary information from the table, you can determine the direction and magnitude of the demand change for Florida Indian River oranges. If the elasticity of demand for Florida Indian River oranges is elastic (greater than 1), a 10 percent increase in the price of Florida interior oranges would result in a relatively larger decrease in the demand for Florida Indian River oranges (more than 10 percent). Conversely, if the elasticity of demand is inelastic (less than 1), the decrease in demand would be relatively smaller (less than 10 percent).
Vice versa, to determine how the demand for Florida interior oranges would change as a result of a 10 percent increase in the price of Florida Indian River oranges, you would follow the same process, referring to the relevant table or information provided in your textbook or materials.
Remember, the specific information needed to analyze the changes in demand would be available within the context of the question or the materials you're studying, so it's important to look for the relevant data in the provided sources.