What is the cross-price elasticity of demand

Assignment Help Business Economics
Reference no: EM132130751

Data collected in the imaginary economy of petubia reveals that when the price of hizzle increased by 25%, the quantity of hizzle decreased by 10%, and the quantity of vort demanded increased by 30%.

What is the cross-price elasticity of demand between vort and hizzle?

  • 3
  • -3
  • 0.83
  • 1.2

Which of the follow can you conclude based on this information? Check all that apply.

  • The demand for vort is price elastic in this price range.
  • Hizzle and vort are unrelated
  • The demand for hizzle is price elastic in this price range.
  • Hizzle and vort are substitutes

Reference no: EM132130751

Questions Cloud

What the value of the firm is : Over the next three years, a firm is expected to earn economic profits of $120,000 in the first year, $140.000 in the second year, and $1000,000 in the third.
Theme park called universal studios indiana : Universal Studios has decided to open a new theme park called Universal Studios Indiana. It will feature the usual attractions
Operating in the inelastic range of market demand : Which of the two policy that follow is more effective when handling (technical) externalities: Cap-and-trade or emissions fee?
Examine the alternatives available to assiniboine narrows : Use calculations to examine the alternatives available to Assiniboine Narrows. Then, based on your calculations, make a recommendation as to the preferred.
What is the cross-price elasticity of demand : Data collected in the imaginary economy of petubia reveals that when the price of hizzle increased by 25%, the quantity of hizzle decreased by 10%
Calculate the time-series data that reflects changes : Calculate the time-series data that reflects changes in wages of workers taking 2007 as the reference or base year
What types of behaviors are encouraged by girls toys : What cultural norms/values are represented or supported by girls toys? By boys toys? What types of behaviors are encouraged by girls' toys? By boys' toys?
How does the official unemployment rate change : How does the official unemployment rate change when these categories are added? What alternative measures of unemployment has the BLS created to address.
Calculate the yields on the two bonds : Assume both bonds are 6-year, 6% coupon, $1000 face value coupon bonds, each selling for $1000. Calculate the yields on the two bonds. Which is higher?

Reviews

Write a Review

Business Economics Questions & Answers

  What is integumentary system

What is a(n) Integumentary System? and what would happen if we didn't have one?

  What is economic rationale for city to enact rent controls

The notion of rent controls can be somewhat controversial. What is the economic rationale for a city to enact rent controls? What are a few unintended consequences of rent controls in large cities? Be specific.

  Amendment protection against unreasonable search

The 4th Amendment protection against unreasonable search and seizure has been jealously guarded for over 200 years. Consequently, all Americans are entitled to a reasonable expectation of privacy. How would you describe this standard, this so-call..

  The cross-price elasticity of demand between salt and pepper

Suppose the price of salt increases by 25 percent and, as a result, the quantity of pepper demanded. the cross-price elasticity of demand between salt and pepper is ___

  Qjennas boss has decided to pay her a one-time bonus of

q.jennas boss has decided to pay her a one-time bonus of 5000. she decides to save the money until she retires 4 years

  Calculate the coefficient of determination

Determine whether size is a statistically significant variable in estimating selling price. Calculate the coefficient of determination.

  Distributed-cloud computing-virtualization

Briefly answer the following questions on virtualization levels. Highlight the key points and identify the distinctions in different approaches

  Firm operating in a perfectly competitive market

The term ________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.

  Find the expected price

Response Feedback: Here, the market price is uncertain/unknown. Find the expected price. After that, this is a simple profit-maximization problem.

  Indicate what happens to demand or supply

Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand or supply that causes the shift.

  Identifying initiatives for practice change

Read: Prior to beginning this discussion, read Chapter 1 and Chapter 3 of your textbook along with the article "Physical health inequities in people with people with severe mental illness: Identifying initiatives for practice change."

  Renegotiating labor contract with union representative

You are barganing coordinator for Sun Car Manufacturers. At present you are renegotiating the labor contract with the union representative. You are bargaining over an expected 20% increase in earnings over the next three-year contract period. The uni..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd