PRINCIPLES OF MICROECONOMICS (LL)W/ACC.
PRINCIPLES OF MICROECONOMICS (LL)W/ACC.
7th Edition
ISBN: 9781264198733
Author: Frank
Publisher: MCG
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Chapter 4, Problem 8P

A 2 percent increase in the price of milk causes a 4 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect to the price of milk? Are the two goods complements or substitutes?

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