1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Pachacha [2.7K]
3 years ago
9

An increase in the price of hot dogs from $1.50 to $2.10 per pound increased the average number of burgers demanded per week fro

m 300 to 360. Assuming that all other economic variables were held constant, what is the cross-price elasticity of demand between hot dogs and burgers? What does this elasticity tell you about the relationship between the two?
Business
1 answer:
timama [110]3 years ago
7 0

Answer:

0.5

They are substitute goods.

Explanation:

Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.

Percentage change in quantity demanded of burgers = (360 - 300) / 300 = 0.2 = 20%

Percentage change in price of hot dog = (2.10 - 1.50) / 1.5 = 0.4 = 40%

Cross price elasticity of demand = percentage change in quantity demanded/ percentage change in price

20 / 40 = 0.5

Elasticity of demand is less than 1, so demand is inelastic.

Also, the cross price elasticitiy is positive, so the goods are substitutes goods.

I hope my answer helps you

You might be interested in
Gordon works part-time from June through December of 2017. Briefly explain what he needs to do -- and when -- in order to file h
Monica [59]

Answer:

He needs to ask his boss for file of work time and clock in and clock out and how much money he made and also benifets and his age and famly memebrs and then go from their.

Explanation:

i may be from diffrent country thern you so might be diffrent

3 0
3 years ago
Unhappy with the speed with which the company's export initiative was going, the CEO called Mary Adams, the person in charge of
madreJ [45]

Answer:

Exporters often face voluminous paperwork, complex formalities and many potential delays and errors

Explanation:

A valid defense by Mary Adams for the delay in processing exports will be one that is a real challenge and is relevant to the inquiry being made.

Exporters normally deal with large volume of paperwork that shows details of exports, approvals, letters of credit, and other relevant information related to the transaction.

Apart from this access to foreign exchange, formalities of custom processes, and dealing with clearing agents wastes a lot of time.

A valid excuse for Mary to make will be: exporters often face voluminous paperwork, complex formalities and many potential delays and errors

7 0
4 years ago
What is one characteristic of a clear goal?
den301095 [7]
<span>It's probably C. It's measurable</span>
3 0
3 years ago
Read 2 more answers
__________ is the amount a business earns over and above what it spends for salaries and other expenses.
Darya [45]

Answer:

Profits

Explanation:

All businesses are established with a motive to make profits. The reward a business earns for engaging in economic activities is its profits. In determining if a business has been profitable, total expenses are compared with the total revenue. If the revenue exceeds the net expenses, the business has made profits.

To increase the chance of making profits, managers use their skills and experiences to increase revenues while keeping the expenses low. Increasing revenue involves generating more income streams and increasing sales volume. Minimizing expenses include cost-cutting measures such as waste reduction.

7 0
3 years ago
Read 2 more answers
Knowledge development goes hand-in-hand with information sharing in high-performance work systems.
Yanka [14]
True duh that's super easy
7 0
4 years ago
Other questions:
  • Explain why ethene is a planar molecules while ethyne is a linear molecules​
    13·2 answers
  • Which of the following should be considered when deciding on a loan?
    15·2 answers
  • In the end, businesses that use teams tend to have ______. a. Fewer sick leaves b. More profits c. More management d. Fewer prod
    11·1 answer
  • Assuming the expectations theory is the correct theory of the term structure, calculate the interest rates in the term structure
    12·1 answer
  • While making purchase decisions, which of the following products is most likely to elicit the greatest reference group influence
    11·1 answer
  • Consider Derek's budget information: materials to be used, $64,750; direct labor, $198,400; factory overhead, $394,800; work in
    11·1 answer
  • Sally and Samantha have decided to form a partnership. They have agreed that Sally is to invest $195,000 and that Samantha is to
    5·1 answer
  • What is a good Warzone loadout. Best gets Brainliest. Explain
    11·2 answers
  • For anything to be considered money it must be Group of answer choices either a commodity or a token, as long as it is generally
    5·1 answer
  • The periods of time to undertake goals can be:
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!