Multiple Choice
Suppose that a 5% increase in the price of gasoline leads to a 15% decrease in the quantity of SUVs demanded.The cross-price elasticity of demand for SUVs is
A) 0.33.
B) 3.0.
C) 3.3.
D) 33.0.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q18: What does elasticity measure?
Q33: An art museum raises its admission price,
Q75: When the price of a car is
Q76: The price elasticity of demand for shirts
Q77: If crude-oil prices increase as the total
Q80: The price elasticity of supply is measured
Q81: Consider the market for Chinese food in
Q82: Recall the Application about how changes in
Q83: An Internet company wants to increase the
Q84: Would you expect the income elasticity of