The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. If we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter? O A. + 45% O B. + 15% O c. +4.5% O D. -4.5%

The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. If we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter? O A. + 45% O B. + 15% O c. +4.5% O D. -4.5%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The cross-price elasticity of demand for peanut butter with respect to the price of jelly is - 0.3. if we expect the price of jelly to decline by 15%, what is the expected change in the quantity demanded for peanut butter?
O A. + 45%
O B. + 15%
OC. +4.5%
O D. -4.5%

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