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.)

Transcribed Image Text:

Syrup 4.00 3.75- 3.50- 3.25 3.00- 2.75- 2.50- 2.25- 2.00- 1.89 1.75- 1.50- 1.25- 1.00- 0.75- 0.50- 0.25- 0.00- D2 6,000 7,0009,000 3,000 6,000 9,000 12,000 15,000 Quantity (packages of synup per week) Price (dollars per package of syrup) Syrup 4.00 3.75- 3.50- 3.25 3.00- 2.75- 2.50- 2.25- 2.00- 1.89 1.75- 1.50- 1.25- 1.00- 0.75- 0.50- 0.25- 0.00- D2 6,000 7,0009,000 3,000 6,000 9,000 12,000 15,000 Quantity (packages of synup per week) Price (dollars per package of syrup)

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