The cross-price elasticity of hamsters and hamster food is -0.3, where the percentage change in quantity is for hamsters and the ercentage change in price is measured for hamster food. Calculate the percentage that the quantity demanded of hamsters will hange if the price of hamster food decreases by 11%. Enter the response to one decimal place and enter a negative number if ne quantity demanded decreases. AQD for hamsters: %
The cross-price elasticity of hamsters and hamster food is -0.3, where the percentage change in quantity is for hamsters and the ercentage change in price is measured for hamster food. Calculate the percentage that the quantity demanded of hamsters will hange if the price of hamster food decreases by 11%. Enter the response to one decimal place and enter a negative number if ne quantity demanded decreases. AQD for hamsters: %
Chapter6: Elasticities
Section: Chapter Questions
Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...
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