Rowena consumes 10% more liquid ink pens when the price of mechanical pencils increases by 25%. For Rowena, liquid ink pens and mechanical pencils and the cross-price elasticity of demand is are O complements; 0.4 O substitutes; 0.4 O substitutes; -2.5 O complements, 2.5

Rowena consumes 10% more liquid ink pens when the price of mechanical pencils increases by 25%. For Rowena, liquid ink pens and mechanical pencils and the cross-price elasticity of demand is are O complements; 0.4 O substitutes; 0.4 O substitutes; -2.5 O complements, 2.5

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...

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Rowena consumes 10% more liquid ink pens when the price of mechanical pencils increases by 25%. For Rowena, liquid ink pens and mechanical pencils
and the cross-price elasticity of demand is
are
complements; 0.4
O substitutes; 0.4
substitutes; -2.5
complements; 2.5

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