5% increase in the price of Burger King resulted in 16% increase in the demand of Hamburger. What is cross elasticity of demand here? a. 3.2 b. 2.8 c. 2.6 d. 4.3
5% increase in the price of Burger King resulted in 16% increase in the demand of Hamburger. What is cross elasticity of demand here? a. 3.2 b. 2.8 c. 2.6 d. 4.3
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 1QR
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Question
5% increase in the price of Burger King resulted in 16% increase in the demand of Hamburger. What is cross elasticity of demand here?
a.
3.2
b.
2.8
c.
2.6
d.
4.3
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