If the cross-price elasticity between ketchup and hamburgers is 1.5, a 2 percent decrease in the price

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If the cross-price elasticity between ketchup and hamburgers is −1.5, a 2 percent decrease in the price of ketchup will lead to a:
a) 3 percent increase in quantity demanded of ketchup.
b) 3 percent decrease in quantity demanded of ketchup.
c) 3 percent increase in quantity demanded of hamburgers.
d) 3 percent decrease in quantity demanded of hamburgers.
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Advanced Accounting

ISBN: 978-0077431808

10th edition

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

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