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30 June, 10:56

A 2 percent increase in the price of milk causes a 4 percent reduction in the quantity demanded of chocolate syrup. what is the cross-price elasticity of demand for chocolate syrup with respect to the price of milk?

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  1. 30 June, 12:41
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    The cross-price of elasticity of demand for chocolate syrup with respect to the price of milk would be:

    e = % ΔQ chocolate syrup / %ΔP of milk

    e = - 4% / 2%

    e = - 2 %
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