The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. If we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter? O A. + 45% O B. + 15% O c. +4.5% O D. -4.5%

The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. If we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter? O A. + 45% O B. + 15% O c. +4.5% O D. -4.5%

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 9SCQ: Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the...

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The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. if we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter?
O A. + 45%
O B. + 15%
OC. +4.5%
O D. -4.5%

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