4. Elasticity
Cross-Price Elasticity of Demand
Multiple Choice
Multiple ChoiceAn increase in the demand for chicken, from 8,000 to 12,000, was caused by an increase in the price of beef from $4.50 to $5.50. Therefore, the cross-price elasticity for these two products is:
A
0.5
B
-2.0
C
2.0
D
-0.5
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