If the cross-price elasticity between coffee and cream is equal to -0.5, then a 10% increase in the price of coffee will cause: a 20% decrease in the quantity of cream demanded a 5% increase in the quantity of coffee demanded a 5% decrease in the quantity of coffee demanded a 5% decrease in the quantity of cream demanded O a 20% decrease in the quantity of coffee demanded

As the price of pizza falls by 10%, the quantity of burgers decreases by 15%. Calculate the cross-price elasticity of demand between pizza and    Are pizza and burgers substitutes or complements?

If the price elasticity of demand for a product is -2, this means that, ceteris paribus, quantity demanded will increase by 1 unit for each $2 decrease in price. 1 percent for each 2 percent decrease in price. 2 units for each $1 decrease in price. 2 percent for each 1 percent decrease in price.

Suppose the own-price elasticity of demand for beef is -0.8 and the own-price elasticity of supply of beef is 0.9. Due to a newly introduced government policy, beef supply increases by 2% with no change in the demand for beef. Assuming that the current price for beef is 40/cwt and the quantity bought and sold is 2,000 cwt per day, find the new equilibrium price and quantity of beef (round your answers to two decimal places).