A 50% increase in the price of oak wood has increased the quantity demanded of pine wood by 10%. What is the cross-price elasticity of demand of pine wood over oak wood? A) 0.1  B) 0.2  C) 0.5  D) 5

Micro Economics For Today
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ISBN:9781337613064
Author:Tucker, Irvin B.
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Chapter5: Price Elasticity Of Demand And Supply
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A 50% increase in the price of oak wood has increased the quantity demanded of
pine wood by 10%. What is the cross-price elasticity of demand of pine wood over oak wood?

A) 0.1 

B) 0.2 

C) 0.5 

D) 5

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