A 3 percent decrease in the price of milk causes a 12 percent increase in the quantity demanded of chocolate syrup. What is the cross- price elasticity of demand for chocolate syrup with respect to the price of milk? Instructions: Enter your response as a whole number. If you are entering a negative number, be sure to include a negative sign (-). Cross-price elasticity of demand equals The two goods are (Click to select) because when the cross-price elasticity of demand is www positive, the two goods are complements. O positive, the two goods are substitutes. O negative, the two goods are substitutes. Onegative, the two goods are complements.

Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data shows that the quantity of  Netflix subscriptions changed from 100 to 115 in the past year. Compute the income elasticity for Netflix subscriptions, is the demand for Netflix subscription income elastic or income inelastic?

Two goods have a cross-price elasticity of demand of 1.2: Would you describe the nature of goods? If the price of one good increase by 5 percent, what will happen to the demand for the other good. Also estimates its value holding other factors constant?

Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data shows that the quantity demanded of organic lemonade drinks changed from 80 to 85. Compute the income elasticity for organic lemonade drinks, is organic lemonade a normal or an inferior good?

Suppose the price elasticity of demand for coke is −3 and the cross-price elasticity of demand between coke and the price of Pepsi is 2.2. If the price of Pepsi decreases by 5%, what would happen to the demand for coke and what would have to happen to the price of coke to exactly offset the fall in the price of Pepsi and leave the quantity demanded of coke unchanged, respectively?

If an increase in the price of coffee at Starbucks by 30% raises sales of coffee at Cafe Beans by 30%. Calculate the cross-price elasticity of Starbucks coffee and Cafe Beans coffee. Are these two coffees complements or substitutes?

Please help with following question    Suppose the own price elasticity of demand for good X is -4, its income elasticity is 2, its advertising elasticity is 3, and the cross price elasticity of demand between it and good Y is -6.  Determine how much the consumption of this good will change if: The price of good X increases by 10%. The price of good Y decreases by 5%. Advertising increases by 14%. Income decreases by 8%. thanks

If the current price elasticity of demand for apples is -50, what will be the change in sales (i.e., total revenue) after a 20% price increase? Please show your calculation.

1)If there is an increase in the price of tea by 10%. and the quantity demanded coffee increases by 2%, then find the cross elasticity of demand. 2) According to a Honda press release on October 23, 2006, sales of the fuel-efficient four-cylinder Honda Civic rose by 7.1% from 2005 to 2006. Over the same period, according to data from the U.S. Energy Information Administration, the average price of regular gasoline rose from $2.27 per gallon to $2.57 per gallon. Using the midpoint method, calculate the cross-price elasticity of demand between Honda Civics and regular gasoline. According to your estimate of the cross-price elasticity, are the two goods complements or substitutes? (answer on the basis of data value)

A recent report by the Centers for Disease Control looked at the relationship between the price of beer and the incidence of new cases of STD's. The report concluded that a beer tax increase of $.20 could reduce overall STD rates by 8.9%. Assume that a six pack cost $5.90 before the price increase. Calculate the cross price elasticity between beer and STD's. What is the sign of this cross-price elasticity? According to your estimate, are beer and STD's compliments or substitutes? Does your answer make sense? Explain.