One winter recently, the price of a cruise increased by 10 percent and the quantity demanded decreased by 15 percent, and with no change in the price of cruise wear, the quantity of cruise wear demanded decreased by 20 percer What is the cross elasticity of demand for cruise wear with respect to the price of a cruise? Are a cruise and cruise wear substitutes or complements? Why? The cross elasticity of demand for cruise wear with respect to the price of a cruise is >>> Answer to 1 decimal place. Cruises and cruise wear are because O A. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is positive O B. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is negative O C. complements; the cross elasticity of cruise wear with respect to the price of a cruise is positive O D. complements; the cross elasticity of cruise wear with respect to the price of a cruise negative O E. complements; the price elasticity of demand for both goods is positive O Time Remaining: 00:25:19 Next
One winter recently, the price of a cruise increased by 10 percent and the quantity demanded decreased by 15 percent, and with no change in the price of cruise wear, the quantity of cruise wear demanded decreased by 20 percer What is the cross elasticity of demand for cruise wear with respect to the price of a cruise? Are a cruise and cruise wear substitutes or complements? Why? The cross elasticity of demand for cruise wear with respect to the price of a cruise is >>> Answer to 1 decimal place. Cruises and cruise wear are because O A. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is positive O B. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is negative O C. complements; the cross elasticity of cruise wear with respect to the price of a cruise is positive O D. complements; the cross elasticity of cruise wear with respect to the price of a cruise negative O E. complements; the price elasticity of demand for both goods is positive O Time Remaining: 00:25:19 Next
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....
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Question
![One winter recently, the price of a cruise increased by 10 percent and the quantity demanded decreased by 15 percent, and with no change in the price of cruise wear, the quantity of cruise wear demanded decreased by 20 percent.
What is the cross elasticity of demand for cruise wear with respect to the price of a cruise?
Are a cruise and cruise wear substitutes or complements? Why?
The cross elasticity of demand for cruise wear with respect to the price of a cruise is
>>> Answer to 1 decimal place.
Cruises and cruise wear are
because
O A. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is positive
O B. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is negative
O C. complements; the cross elasticity of cruise wear with respect to the price of a cruise is positive
O D. complements; the cross elasticity of cruise wear with respect to the price of a cruise is negative
O E. complements; the price elasticity of demand for both goods is positive
O Time Remaining: 00:25:19
Next
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Transcribed Image Text:One winter recently, the price of a cruise increased by 10 percent and the quantity demanded decreased by 15 percent, and with no change in the price of cruise wear, the quantity of cruise wear demanded decreased by 20 percent.
What is the cross elasticity of demand for cruise wear with respect to the price of a cruise?
Are a cruise and cruise wear substitutes or complements? Why?
The cross elasticity of demand for cruise wear with respect to the price of a cruise is
>>> Answer to 1 decimal place.
Cruises and cruise wear are
because
O A. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is positive
O B. substitutes; the cross elasticity of cruise wear with respect to the price of a cruise is negative
O C. complements; the cross elasticity of cruise wear with respect to the price of a cruise is positive
O D. complements; the cross elasticity of cruise wear with respect to the price of a cruise is negative
O E. complements; the price elasticity of demand for both goods is positive
O Time Remaining: 00:25:19
Next
esc
$
%
&
@
7
8
9
%3D
2
Y
コ
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Cross price elasticity of demand measures the responsiveness of quantity demanded of good 1 with respect to change in price of good 2.
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