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zheka24 [161]
3 years ago
14

If Good C increases in price by 50 % a pound, and this causes the quantity demanded for Good D to increase by 60 % , what is the

cross-price elasticity of the two goods? Round your answer to one decimal place.
Business
1 answer:
sergiy2304 [10]3 years ago
3 0

Answer:

1.2

Explanation:

Cross price elasticity of demand measures the responsiveness of quantity demanded of good D to changes in price of good C.

Cross price elasticity = percentage change in quantity demanded of good D / percentage change in price of good C = 60% / 50% = 1.2

I hope my answer helps you

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