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1.The cross-price elasticity between two goods, the percentage change in the quantity of one good when the price of the other good changes by 1%,
1.The cross-price elasticity between two goods, the percentage change in the quantity of one good when the price of the other good changes by 1%, is a useful measure in many economic applications.What signs would you expect to find for the cross-price elasticities between the following pairs of goods (are they < 0, > 0, or =0), and why? (2 pts each)
a.Coca Cola and Pepsi
b.Toothpaste and toothbrushes
c.Tacos and umbrellas
d.Printer and ink
e.Uber and a taxi
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