Chapter
1. Question 15
1.1 Screen 1 of 4
Rising peanut prices have forced peanut butter makers to raise the price of a jar of peanut butter from $2 to $3 per jar, causing quantity demanded to fall. In addition, sales of jelly also dropped by 15%.
Question
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
1.2 Screen 2 of 4
Question
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
1.3 Screen 3 of 4
Soon after the peanut butter price increase, makers of chocolate spread dropped the price from $4 to $3 per jar. This resulted in a further decline in peanut butter sales by 20%.
Using the midpoint method, what is the cross elasticity of demand between peanut butter and chocolate spread? (Round the final answer to two decimal places.)
Question
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
1.4 Screen 4 of 4
Question
yarqO+u2SabTkj2ib67lvHGPC88CBxVBd9PW100u+EUiDy80sL1ez5JppVsfjdCSp6JM24XpZ+BKadJM/K7wEmI/IKA7FZXxxVcuN4E1Yh+SurQKiUcF3GPm/s0U2U7sOwi3G0GYDE539D9U4t4gE8iZ6SmYYO9NSDyGMa83T+Z0hvoyxhHYjaAuixaKGJ1R6wobhExtqp5VqJQInVT96T0e5CpYiPVgrM1WTP+Fg0gSxR9sOU2vUXrcTM2MfPzREFL/FIHejtnJRqegssuEA5SesbWHNuDv2gLTsC0DvwppykKz1CRw5U5nvEZVVI2RdPB33RKJ+Busv4YaaL/IpnoI24kNICjCMet9tJ4UhdDw+8qVsKsCiHcEEkQtWBbh9wk9Y9naqT1e/UF/CrbKrtZG9XicQKaBFgY80AWbW/WaaFVSIGlg8riM5la2VDMsqNrU7nkr9C7OIDsgp02THWpxNe1wpDRobZExbZ5GR2+YPbz7ozRkfMlipi2hEtx4nq/oq5iPt6SQCSpnfzYBummdIG+nL2qNDEMzlbzkc6mpjFrt