The cross-price elasticity of demand for hevs and gasoline is 2.57.
<h3>What is
cross-price elasticity of demand?</h3>
A cross-price elasticity of demand is an economic tool that measure the %change in quantity demand for a good after a change in the price of another
The demand is calculated by %change in the quantity demanded of one good over %change in the price of the other good.
Hence, the % of quanitty demanded is 36% and the % of change in the price is 14%
Cross-price elasticity of demand = 36% / 14%
Cross-price elasticity of demand = 2.57142857143
Cross-price elasticity of demand = 2.57
In conclusion, the cross-price elasticity of demand for hevs and gasoline is 2.57.
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<em>brainly.com/question/10712828</em>
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Answer:
The price of the hamburger is $5
Explanation:
4x + 4(8.50 - 2x) = 27
4x + 34 - 8x = 27
34 - 4x = 27
4x = 34 - 27
4x = 7
x = 7/4
To find y; let's replace the value of x into equation (1)
2(x) + y = 8.50
2(7/4) + y = 8.50
3.50 + y = 8.50
y = 8.50 -3.50
y = 5
Therefore, we can conclude that the price of the hamburger is $5
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