Question
The price of peanut butter increases from$3.00 to $3.50per jar, and the quantity of jelly demanded falls from 35jars to28jars. Using the midpoint formula, calculate
The price of peanut butter increases from$3.00 to $3.50per jar, and the quantity of jelly demanded falls from 35jars to28jars. Using the midpoint formula, calculate the cross-price elasticity of demand. Report your answer to two decimal places.
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Economics of Money Banking and Financial Markets
Authors: Frederic S. Mishkin
12th edition
134733821, 134733827, 9780134734507 , 978-0134733821
