When the Price of Sausages Is $2

question 41

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.

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Definitions:

Carboniferous

A geologic period and system that spans 60 million years from the end of the Devonian Period about 358.9 million years ago to the beginning of the Permian Period, known for its vast coal beds.

Ordovician

A period in the Earth's geologic timescale that occurred about 488 to 443 million years ago, distinguished by significant biological diversification.

Cretaceous

The geological period between 145 and 66 million years ago, noted for the dominance of dinosaurs and the appearance of flowering plants.

Extinction Event

A significant loss of biodiversity occurring rapidly due to factors like climatic changes, habitat destruction, or the impact of humankind.