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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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