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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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
Transcribed Image Text: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
positive, the two goods are complements.
positive, the two goods are substitutes.
negative, the two goods are substitutes.
negative, the two goods are complements.
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