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In this question, you'll deal with two goods , and you'll have to solve for cross-price elasticity using the percent change formula. When the old
In this question, you'll deal with two goods, and you'll have to solve for cross-price elasticity using the percent change formula.
When the old price of a file cabinet was $1,005 per cabinet, an old quantity of 225 desks were sold. After the price decreased to a new price of $797 per file cabinet, a new quantity of 422 desks were sold. Using these numbers, what is the cross-price elasticity of file cabinets for desks? Round your answer to 3 decimal places.
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