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Cross-price elasticity of demand cookies and pizza

Assignment Help Basic Statistics
Reference no: EM132519435

Suppose that when the price of cookies is $1 and the price of a slice of pizza is $1, market demand for cookies is 2,500 cookies.

When the price of a slice of pizza rises to $3, the quantity of cookies demanded in the market increases to 7,500. Using the midpoint method, what is the cross-price elasticity of demand between cookies (demand) and pizza (price)?

A. 0.33

B. 0.50

C. 0.67

D. 1.00

E. None of the above

Reference no: EM132519435

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