In this question, you'll deal with two goods, and you'll have to solve for cross-price elasticity using the percent change formula. When the old price of a file cabinet was $1,171 per cabinet, an old quantity of 212 desks were sold. After the price decreased to a new price of $823 per file cabinet, a new quantity of 379 desks were sold. Using these numbers, what is the cross-price elasticity of file cabinets for desks? Round your answer to 3 decimal places.

In this question, you'll deal with two goods, and you'll have to solve for cross-price elasticity using the percent change formula. When the old price of a file cabinet was $1,171 per cabinet, an old quantity of 212 desks were sold. After the price decreased to a new price of $823 per file cabinet, a new quantity of 379 desks were sold. Using these numbers, what is the cross-price elasticity of file cabinets for desks? Round your answer to 3 decimal places.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8QFR

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