The table shown lists two goods along with their cross-price elasticities, where the percentage change in quantity
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Question:
The table shown lists two goods along with their cross-price elasticities, where the percentage change in quantity is measured for Good 1 and the percentage change in price is for Good 2.
Identify the relationship between each of the pairs of goods.
Good 1 | Good 2 | Cross-price elasticity of demand | Relationship |
---|---|---|---|
air-conditioning units | electricity | ?0.38 | |
Coca-Cola | Pepsi | +0.67 | |
coffee | creamer | ?0.25 | |
McDonald's burgers | In-N-Out burgers | +0.82 | |
mystery good A | mystery good B | +1.57 |
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