Answer:
The cross-price elasticity is - 0.8.
Explanation:
The price of antique furniture increased by 10 percent and the quantity demanded decreased by 30 percent, and with no change in the price of refinishing products, the quantity of refinishing products demanded decreased by 8 percent.
The cross-price elasticity of demand measures the change in the demand for a product due to a change in the price of a related good. Negative cross-price elasticity means the goods are complements. Positive cross-price elasticity implies that the goods are substitutes.
Cross price elasticity
=
=
= - 0.8
The cross price elasticity is negative which means that the goods are complements.
Answer:
<em>The correct option is C) The United States needed new markets for its goods. </em>
Explanation:
As the industrial revolution began in the 18th century, it became one of the major reasons for economic success of the United States. Rapid industrialization helped the people of United States to produce more goods. As a result, they started to look for new markets where there products could be sold. This increase in business raised the economic success of the people of United States.
The North wanted the federal government to govern the entire country. The South wanted the states to have more power.
They also disagreed on whether or not the new territories would allow slavery or not.