3. As the price of margarine rises by 20%, a manufacturer of baked goods increases its quantity...
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3. As the price of margarine rises by 20%, a manufacturer of baked goods increases its quantity of butter demanded by 5%. Calculate the cross -price elasticity of demand between butter and margarine. Are butter and margarine substitutes or complements for this manufacturer?
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Related Book For 
Essentials Of Economics
ISBN: 9781429218290
2nd Edition
Authors: Paul Krugman, Robin Wells, Kathryn Graddy
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