Business, 11.11.2020 18:10 sovprints

The price of cups increased from $3.75 to $4.05 and the quantity demanded of plates decreased from 4,950 to 4,450. Calculate the cross-price elasticity of demand for plates. Round your answer to the nearest hundredth.

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Answer from: AdoNice

Cross elasticity of demand = -1.25

Explanation:

Cross elasticity of demand= Per entage change in quantity of commodity A (plates)/ Percentage change in price of commodity B(cups)

Percentage change in quantity demanded for plates = (New quantity - old quantity/ old quantity ) x 100

={ (4450-4950)/4950] ×100

=-500/4950

= - 0.10×100= - 10%

Percentage change in price of cups =(New price - old price/ old price) x 100 [(4.05-3.75)/3.75]×100

=0.3/ 3.75

= 0.08×100= 8%

Cross price elasticity of demand = - 10%/8%

= - 1.25

Here, the cross elasticity of demand for these goods of cups and plates is negative(-1.25) showing that they are complementary goods since as the price for cups increases, the demand for plates decreased.

Answer from: Quest

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

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look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

Answer from: Quest

I’d put a, table of contents.

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The price of cups increased from $3.75 to $4.05 and the quantity demanded of plates decreased from 4...