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muminat
2 years ago
14

The price of peanut butter increased by 25% and the quantity of jelly demanded decreased by 50%. Using one decimal place and the

negative sign if necessary, the cross-price elasticity between peanut butter and jelly is _____.
Business
1 answer:
natulia [17]2 years ago
5 0

Answer:

-2

Explanation:

To find the cross price elasticity between to goods, we use this formula:

Cross Price Elasticity of Demand = % change in quantity demanded of good 1 / % change in the price of good 2

Now, we plug the amounts into the formula

Cross Price Elasticity of Demand = -50% / 25%

                                                      = -2

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