Business, 10.01.2020 06:31 stephany5439

A10% decrease in the price of gas grills leads to a 15% increase in the demand for flank steaks. the cross-price elasticity of demand between gas grills and flank steaks is:

a)15.0.
b)-1.5.
c) 1.5.
d) -15.0.

Answers: 3

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Answer from: rebekahwirogo

B) -1.5

Explanation:

Cross-price elasticity of demand is calculated by dividing the percentage change in quantity demanded of good A by the percentage change in price of good B.

cross-price elasticity of demand = change in demand of flank steaks / change in price of gas grills = 15% / -10% = -1.5

Answer from: haileycho

B. -1.5

Explanation

ELASTICITY of DEMAND is the responsivenes of demand to change in its factors (good price , related goods price, income , taste)

CROSS ELASTICITY of Demand refers to demand change due to 'related goods price' factor. It is positive in case of Substitute goods (having direct relationship) , negative in case of Complementary (having inverse relationship)

FORMULA = %change in demand / % change in price

In this case : %change in flank steals demand / %change in gas grills price

= -15/10 = -1.5 [Complementary Goods]

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

Answer from: Quest

Idumb sorry idk but try ur best!

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A10% decrease in the price of gas grills leads to a 15% increase in the demand for flank steaks. the...