An increase in the price of hot dogs from $1.60 to $2.00 per pound increased the average number of hamburgers demanded per capita per week from 1 to 1.4. assuming that all other economic variables were held constant, the arc cross-price elasticity of demand between hot dogs and hamburgers is

a. –1.5, which indicates that the two goods are substitutes.
b. 1.5, which indicates that the two goods are complements.
c. 1.5, which indicates that the two goods are substitutes.
d. –1.5, which indicates that the two goods are complements.

answer; communities of interest; i believe this is correct, plz check first good luck;

answer; ///deficit;

answer makes less frequent trips to the bank and firms make less frequent price changes;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.