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RUDIKE [14]
3 years ago
5

Raina consumes 100% more mechanical pencils when the price of felt-tip pens increases by 50%. for raina, pencils and pens are __

______ and the cross-price elasticity of demand is ________.
Business
1 answer:
Marianna [84]3 years ago
5 0
Raina consumes 100% more mechanical pencils when the price of felt-tip pens increases by 50%. for Raina, pencils and pens are substitutes and the cross-price elasticity of demand is two. Cross-price elasticity is the percent c<span>hange in quantity demand of x / % change in price of y.</span>
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