What is urbanization give 1 or 2 sentences
1 answer:
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Answer:
Following the formula
where ΔX= changes in the quantity of berths
and ΔY= changes in the price of fuel
The result is that after a 4% increase in the price of fuel, the quantity of berths will decrease in 8.6%.
Explanation:
Cross-Price Elasticity is the result of the division between the porcentual changes in quantity of the good X (in this case berths) against porcentual changes in the price of good Y (in this case the price of fuel). In this case they are complementary goods, and an increase in one will decrease the quantity of the other.