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.
Answer:
Is a consistent independent system
Step-by-step explanation:
we have
-----> isolate the variable y
----> equation A
-----> isolate the variable y
---> equation B
Compare equation A and equation B
We can affirm that
The slopes are not equal ( so the lines are not parallel)
The lines are different
The product of their slopes is equal to -1 (the lines are perpendicular)
so
The system of equations has only one solution
therefore
Is a consistent independent system