The cross-price elasticity of hamsters and hamster food is -0.3, where the percentage change in quantity is for hamsters and the ercentage change in price is measured for hamster food. Calculate the percentage that the quantity demanded of hamsters will hange if the price of hamster food decreases by 11%. Enter the response to one decimal place and enter a negative number if ne quantity demanded decreases. AQD for hamsters: %

The cross-price elasticity of hamsters and hamster food is -0.3, where the percentage change in quantity is for hamsters and the ercentage change in price is measured for hamster food. Calculate the percentage that the quantity demanded of hamsters will hange if the price of hamster food decreases by 11%. Enter the response to one decimal place and enter a negative number if ne quantity demanded decreases. AQD for hamsters: %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The cross-price elasticity of hamsters and hamster food is -0.3, where the percentage change in quantity is for hamsters and the
percentage change in price is measured for hamster food. Calculate the percentage that the quantity demanded of hamsters will
change if the price of hamster food decreases by 11%. Enter the response to one decimal place and enter a negative number if
the quantity demanded decreases.
%AQ for hamsters:
%

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