Q 1

What is the main determinant of the price elasticity of supply? The passage of time The share of a good in a consumer's budget The availability of close substitutesEconomist X. M. Gao and two colleagues have estimated that the cross-price elasticity of demand between beer and spirits is 0.15. If so, then beer and spirits are substitutes Gao and colleagues have estimated that the crossprice elasticity of demand between beer and wine is 0.31. If the price of wine increases by 10 percent, then the quantity of beer demanded will ':I by D percent. (Enter decrease your response rounded to one decimal place.) increase