Jason is playing darts. He hit the bullseye 8 out of his last 30 throws. What is the probability that he does not make a bullsey
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Answer: The value of cross price elasticity is 1.6.
Step-by-step explanation:
Since we have given that
Percent change in price = 10%
Percent change in quantity = 16%
So, we need to find the cross price elasticity between the two movie club memberships.
As we know the formula for cross price elasticity :
Hence, the value of cross price elasticity is 1.6.