In the graph on the right, the demand for syrup has changed because the price of frozen waffles has risen from $2.80 to $3.80 per package. The cross-price elasticity of demand between frozen waffles and syrup is (Use the midpoint formula and enter your response rounded to two decimal places. Be sure to include the minus sign if necessary.) C Price (dollars per package of syrup) 4.00- 3.75- 3.50- 3.25- 3.00- 2.75- 2.50- 2.25- 2.00-1.89 1.75- 1.50- 1.25- 1.00- 0.75- 0.50- 0.25- 0.00+ 0 Syrup S D2 6,000 7,0009,000 3,000 6,000 9,000 12,000 15,00 Quantity (packages of syrup per week)

In the graph on the right, the demand for syrup has changed because the price of frozen waffles has risen from $2.80 to $3.80 per package. The cross-price elasticity of demand between frozen waffles and syrup is (Use the midpoint formula and enter your response rounded to two decimal places. Be sure to include the minus sign if necessary.) C Price (dollars per package of syrup) 4.00- 3.75- 3.50- 3.25- 3.00- 2.75- 2.50- 2.25- 2.00-1.89 1.75- 1.50- 1.25- 1.00- 0.75- 0.50- 0.25- 0.00+ 0 Syrup S D2 6,000 7,0009,000 3,000 6,000 9,000 12,000 15,00 Quantity (packages of syrup per week)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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