Kindly provide a correct answer and a detailed explanation with proper calculation; otherwise, I will have to give multiple downvotes. Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. In the graph, the demand for hot dog buns has shifted to the left becausethe price of hot dogs has risen from $3.00 to $3.10 per package.The cross-price elasticity of demand between hot dogs and hot dog buns is(Use the midpoint formula and enter your response rounded to twodecimal places. Be sure to include the minus sign if necessary.)Hot dog bunsQ4.00-3.75-3.50-3.25G3.00-2.752.50-2.25Price (dollars per package of buns)2.00-1.891.75-S1.50-1.251.00-0.75-0.50-0.25-0.00+0D1D26,000 7,000 9,0003,000 6,000 9,000 12,000 15,000Quantity (packages of buns per week)

The given data are-With this increase in the price(P) of hot dogs, the demand(D) curve of hot dog…

Answered: In the graph, the demand for hot dog…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Kindly provide a correct answer and a detailed explanation with proper calculation; otherwise, I will have to give multiple downvotes. Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

In the graph, the demand for hot dog buns has shifted to the left because
the price of hot dogs has risen from $3.00 to $3.10 per package.
The cross-price elasticity of demand between hot dogs and hot dog buns is
(Use the midpoint formula and enter your response rounded to two
decimal places. Be sure to include the minus sign if necessary.)
Hot dog buns
Q
4.00-
3.75-
3.50-
3.25
G
3.00-
2.75
2.50-
2.25
Price (dollars per package of buns)
2.00-1.89
1.75-
S
1.50-
1.25
1.00-
0.75-
0.50-
0.25-
0.00+
0
D1
D2
6,000 7,000 9,000
3,000 6,000 9,000 12,000 15,000
Quantity (packages of buns per week)

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