Business, 06.03.2020 19:01, nataliaaaaa10

Suppose Hershey's increases the price of its chocolate syrup by 14 percent. In response, the quantity demanded of Nesquik chocolate syrup rises by 1010 percent and the quantity demanded of Breyer's vanilla ice cream falls by 4 percent. The cross-price elasticity of demand between Hershey's syrup and Nesquik's syrup is (indeterminate/ positive/ negative), implying these two goods are (complements/ normal goods/ substitutes). The cross-price elasticity of demand between Hershey's syrup and Breyer's vanilla ice cream is (negative/ indeterminate/ positive), implying these two goods are (substitutes/ complements/ normal goods). Suppose that incomes rise by 9 percent given the price change cited above. As a result, Hershey's experiences a 5 percent increase in sales volume. Given this information, Hershey's syrup is a (normal/ luxury/ quality) good.

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Suppose Hershey's increases the price of its chocolate syrup by 14 percent. In response, the quantit...