In the graph on the right, the demand for syrup has changed because the price of frozen
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Question:
In the graph on the right, the demand for syrup has changed because the price of frozen waffles has risen from $2.50 to $3.50 per package. The cross-price elasticity of demand between frozen waffles and syrup is ____________. Use the midpoint formula and enter your response rounded to two decimal places. Be sure to include the minus sign if necessary.)
Related Book For
Microeconomics
ISBN: 9781319105563
3rd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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