The cross-price elasticity between ketchup and hamburgers

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Reference no: EM131169494

If the cross-price elasticity between ketchup and hamburgers is −1.5, a 2 percent decrease in the price of ketchup will lead to a:

3 percent increase in quantity demanded of ketchup.

3 percent decrease in quantity demanded of ketchup.

3 percent increase in quantity demanded of hamburgers.

3 percent decrease in quantity demanded of hamburgers.

Reference no: EM131169494

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