Chapter 5. Question 15

5.1 Screen 1 of 4

Question 15
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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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5.2 Screen 2 of 4

Question

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5.3 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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Question

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