A 3 percent increase in the price of milk causes a 6 percent reduction in the quantity
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Question:
A 3 percent increase in the price of milk causes a 6 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect to the price of milk?
Instruction:
If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
Cross-price elasticity of demand:
Are the two goods complements or substitutes?
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