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You run a shop that sells everything connected with coffee. Currently, you sell 17 coffee makers per month, but you would like to increase this
You run a shop that sells everything connected with coffee. Currently, you sell 17 coffee makers per month, but you would like to increase this to 45. Knowing that coffee makers and coffee beans are complements, you have decided to stimulate demand for coffee makers by decreasing the price of coffee beans. Given that you achieved your sales target for coffee makers by reducing the price of coffee beans from $1.30 to $0.99, what is the cross-price elasticity of demand between the two goods? Use the midpoint method, and round all intermediate calculations and your final answer to two decimal places if necessary
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