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Find cross-price elasticity of breakfast cereal and milk

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If the price of breakfast cereal falls from $6 to $3, and this leads to an increase in demand for milk from 30 to 40 quarts, what is the cross-price elasticity of breakfast cereal and milk? What does the cross-price elasticity of demand calculated indicate about how these two goods might be related?

Reference no: EM13393548

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