What is the cross price elasticity of the demand for blats

Assignment Help Econometrics

Reference no: EM133300842

Problem: Suppose that the current price of a blat is $10 per ounce and at that price there are 250 blats demanded. ceteris paribus, if the price of a zing increases from $5 per pound to $10 per pound, the quantity demanded of zings decreases from $40 zings to 30 zings and it causes the quantity demanded of blats to increase to $300.

Question: Using the mid-point method and rounding to two decimal places, what is the cross price elasticity of the demand for blats with regards to the price of zings?

Reference no: EM133300842

Questions Cloud

What would be overall public relations strategy-aggressive : hat would be your overall public relations strategy-aggressive, low key, or middle-of-theroad-if you were Exxon's public relations director?

What is breakeven point in sales revenue : What is the breakeven point in sales revenue, to the nearest $1,000?

Controller is responsible for preparing master budget : Wang Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget

How digital marketing can apply sustainable marketing : Explanations about the reason businesses have to include sustainability in their digital marketing strategy.

What is the cross price elasticity of the demand for blats : what is the cross price elasticity of the demand for blats with regards to the price of zings?

Analyze the contractual issues unique to ecommerce : Analyze the contractual issues unique to e-commerce.Foodmart, Inc. is a retail grocery store chain based in Any State, U.S.A. Foodmart has stores

Criminal justice professionals : Analyze discretionary decisions made by criminal justice professionals.

Determine the energies of the eigenstates in this box : Consider a rectangular box of sides Lx?,Ly?,Lz ?with hard wall boundary conditions (Unlike periodic boundary conditions used in class).

Joint products and by-products on cost accounting : What are your learnings, theories, and analysis of a certain problem on Chapter 12: Joint Products and By-Products on cost accounting and control subject?

User Account

All Pages