8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with RunoftheLMills to help them promote three of their products: tappies, opsicles, and cannies. All of these products have been on the market for sometime, butr to entice better sales, Runofthe-Mills wants to tryr a new adverb'sement that will market two of the products that consumers will likelyr consume together. As a former economics student. you know that complements are typically consumed together while substitutes can take the place of other goods. RunoftheMills provides your marketing rm with the following data: When the price of tappies decreases by 5%, the quantity of opsicles sold decreases by 4% and the quantity of cannies sold increases by 6%. Yourjob is to use the crossprice elasticity between tappies and the other goods to determine which goods your marketing rm should advertise together. Complete the first column of the following table by computing the crossprice elasticity between tappies and flopsicles, and then between topples and cannies. In the second column, determine if tappies are a complement to or a substitute for each of the goods listed. nally, complete the nal column by indicating which good you should recommend marketing with tanpies. Relative to Tappies CrossPrice Elasticity of Demand Complement or Substitute Recommend Marketing wi1 Tappies Flonsicles E ' ' Cannies E ' ' 8. Substitutes, complements, or unrelated? You work for a marketing rm that has just landed a contract with RunoftheMills to help them promote three of their products: tappies, flopsicles, and cannies. All of these products have been on the market for some time, but, to entice better salesr Runofthe-Mills wants to try a new adverb'sement that will market two of the products that consumers will likely consume together. As a fonner economics student. you know that complements are typically consumed together while substitutes can take the place of other goods. RunoftheMills provides your marketing I111 with the following data: when the price oFtappies decreases by 5%, the quantity of opsicleo sold decreases by 4% and the quantity of cannies sold increases by 6%. Yourjob is to use the cross-price elasticity between tappies and the other goods to determine which goods your marketing rm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between tappies and fiopsicles, and then between teppies and crannies. In the second column, determine if tappies are a complement to or a substitute for each of the goods listed, nally, complete the nal column by indicating which good you should recommend in. Complement Relative to Tappie- CrossPrice Elasticity of Demand Com Substitute Recommend Marketing with Tappies Flopsicles v E _ Cannies E V v 8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: tappies, flopsicles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of tappies decreases by 5%, the quantity of flopsicles sold decreases by 4% and the quantity of cannies sold increases by 6%. Your job is to use the cross-price elasticity between tappies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between tappies and flopsicles, and then between tappies and cannies. In the second column, determine if tappies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with tappies. Yes Relative to Tappies No Cross-Price Elasticity of Demand Complement or Substitute Recommend ng with Tappies Flopsicles Cannies8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: tappies, flopsicles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of tappies decreases by 5%, the quantity of flopsicles sold decreases by 4% and the quantity of cannies sold increases by 6%. Your job is to use the cross-price elasticity between tappies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between tappies and flopsicles, and then between tappies and cannies. In the second column, determine if tappies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with tappies. Relative to Tappies Complement Cross-Price Elasticity of Demand Com bstitute Recommend Marketing with Tappies Substitute Flopsicles Cannies8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: tappies, flopsicles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of tappies decreases by 5%, the quantity of flopsicles sold decreases by 4% and the quantity of cannies sold increases by 6%. Your job is to use the cross-price elasticity between tappies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between tappies and flopsicles, and then between tappies and cannies. In the second column, determine if tappies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with tappies. Relative to Tappies Yes Cross-Price Elasticity of Demand Complement or Substitute Recommend ng with Tappies No Flopsicles Cannies