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Famwam Famwam
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5 years ago

Question 1.

Which of the following pairs of goods is likely to have a negative cross-price elasticity of demand?

• pancakes and syrup

• hot dogs and hamburgers

• orange juice and grapefruit juice

• peanuts and cat food

Question 2.

When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, and the sale of dips (like salsa and bean dip) fell 8 percent. This set of facts indicates that the cross-price elasticity between tortilla chips and dips is ________, so the two are ________.

• 0.8; substitutes

• -0.4; complements

• -0.8; complements

• 0.4; substitutes
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Microeconomics

Microeconomics


Edition: 7th
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getdhgetdh
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Famwam Author
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5 years ago
Helps a lot... Now I'm ready for my quiz
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