Suppose That the Quantity of Apples Sold Increases by 30

question 241

Multiple Choice

Suppose that the quantity of apples sold increases by 30 percent after the price of pears increases by 15 percent. What is the coefficient of cross elasticity of demand?

• A) 3.0.
• B) 1.5.
• C) 0.2.
• D) 2.0.
• E) 0.3.

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Definitions:

Poisson Distributed

Poisson distributed is a statistical distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space if these events happen with a known constant mean rate and independently of the time since the last event.

Poisson Distribution

A statistical distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events occur with a known constant mean rate and independently of the time since the last event.

Automated Car Wash

A facility using machinery and automated processes to clean vehicles without human handwashing.