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Semenov [28]
3 years ago
7

The quantity demanded of Blu-ray players increased 9% when the price of DVDs increased 5%. What is the estimated cross-price ela

sticity of demand for Blu-ray players? Round your answer to the nearest hundredth.
Business
1 answer:
Mila [183]3 years ago
8 0

Answer:

cross price elasticity of demand = 1.8

Explanation:

cross price elasticity of demand = % change in quantity of X / % change in price of Y

cross price elasticity of demand = 9% / 5% = 1.8

When the cross price elasticity of demand is positive, it means that the products are substitutes. If the cross price elasticity is negative, then the products are complements.

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