Multiple Choice
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of fish. When the price of sausages rises to $3.00 per pound, 60 pounds of fish are purchased. The cross price elasticity of demand between sausages and fish is approximately equal to
A) +0.04.
B) -0.45.
C) +2.20.
D) +0.45.
Correct Answer:
Verified
Correct Answer:
Verified
Q36: The absolute price elasticity of demand would
Q37: Which of the following statements regarding price
Q38: If a 5 percent increase in price
Q39: The income elasticity of demand for all
Q40: An increase in total revenue will result
Q42: If the absolute price elasticity of demand
Q43: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -Use the above
Q44: When demand is elastic<br>A) changes in price
Q45: Suppose the price of A increases by
Q46: Usually, price elasticities of supply are<br>A) positive,