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.
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Answer:
The answer is D. Correlational design.
Explanation:
Correlational designs seek to study the relationship between two or more variables in a piece of research. For example, a news article called "Students with healthy diets get better grades at school" is probably based in a correlational study.
It's important to recognise that correlation is <u>not</u> the same as causation. This means: even if two variables appear to be related, that does <u>not</u> indicate a direct cause-effect relationship.
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