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Epson’s office printer price increased from $97 to $150 At the same time the quantity demanded for printer ink decreased from

Epson’s office printer price increased from $97 to $150. At the same time the quantity demanded for printer ink decreased from 260 to 160. Calculate the cross price elasticity of demand using the midpoint method. Are these products complements or substitutes? The cross-price elasticity of demand is .90 and they are compliments. The cross-price elasticity of demand is 1.11 and they are substitutes. The cross-price elasticity of demand is -1.11 and they are compliments. 2. Kel loves orange soda. Unfortunately, the price has increased from $2 to $4. The percentage change in price is 50%. 67%. 33%. 3. Suppose the price for an Uber ride in Austin, TX decreases from $15 to $12 causing the quantity of rides demanded to increase from 1000 to 1600. Using the midpoint method, the price elasticity of demand for an Uber ride is ________.

Apr 05 2020 View more View Less

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