Answered: If the quantity demanded of tea…

If the quantity demanded of tea decreases by 8% when the price of coffee increases by 2%, the cross-price elasticity of demand between tea and coffee is: -4.0 -0.25 O4.0 O0.25

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

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Question

It the quantity demanded of tea decreases by 8% when the price of coffee increases by 2%, the cross-price elasticity
of demand between tea and coffee is:
-4.0
-0.25
4.0
0.25

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