Suppose That the Cross-Price Elasticity of Demand Between Hot Dogs

question 114

Multiple Choice

Suppose that the cross-price elasticity of demand between hot dogs and mustard is -1.5.If there is a 20 percent increase in the price of hot dogs,what will happen to the quantity of mustard purchased

• A)It will fall by 200 percent.
• B)It will fall by 30 percent.
• C)It will rise by 200 percent.
• D)It will rise by 30 percent.

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