Because of Poor Snowfall, a Ski Village Reduces the Prices

question 62

Multiple Choice

Because of poor snowfall, a ski village reduces the prices of chalet rentals by 20%, and this subsequently increases the sale of ski lift tickets by 15%. The cross elasticity of demand is _____ and chalet rentals and lift tickets are _____.

• A) 1.33; substitutes
• B) -1.33; complements
• C) 0.75; substitutes
• D) -0.75; complements

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