When the Price of Hamburger Went from $3 to $4

question 165

Multiple Choice

When the price of hamburger went from $3 to $4 a pound, the quantity demanded of buns changed from 30 to 25 packages a day. The cross-price elasticity of demand for hamburger using the initial value formula) is:

• A)1.4.
• B)0.6.
• C)-0.6.
• D)Not enough information to answer this question.

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