1. As the price of pancakes decreased from $3 to $1 during winter, the quantity demanded for maple syrup increased from 2 oz. to 3 oz.
2. Calculate the cross-price elasticity of demand for maple syrup with respect to pancakes. (Points: 5)
   1. Provide the correct formula
   2. Show the procedure
   3. State the correct answer, including correct sign and magnitude
3. Interpret your elasticity value. (Points: 5)
4. Are pancakes a substitute or complementary good? (Points: 4)