Business, 03.04.2020 16:11, amllamas4972

The cross-price elasticity of demand for books and magazines is −2.0. If the price of magazines decreases by 10 percent, the quantity demanded of books will:

a. fall by 20 percent.

b. rise by 20 percent.

c. rise by 2.0 percent.

d. fall by 2.0 percent.

Answers: 3

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The cross-price elasticity of demand for books and magazines is −2.0. If the price of magazines decr...