If the Cross Elasticity of Demand Between Beef and Bison

Multiple Choice

If the cross elasticity of demand between beef and bison is 1.5,then a 3 percent increase in the price of beef will lead to a ________ in the quantity of bison demanded.

A) 4.5 percent increase
B) 4.5 percent decrease
C) 2 percent increase
D) 2 percent decrease
E) 0.5 percent increase