A 2 percent increase in the price of milk causes a 4, Ask an Expert

Economics

A 2 percent increase in the price of milk causes a 4 percent reduction 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 rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

A- what Cross-price elasticity of demand ?

Are the two goods complements or substitutes?

a-Complements

b-Substitutes

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91996392

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