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question archive When the price of ketchup rises by 15 percent, the demand for hot dogs falls by 1 percent

When the price of ketchup rises by 15 percent, the demand for hot dogs falls by 1 percent

Subject:EconomicsPrice: Bought3

When the price of ketchup rises by 15 percent, the demand for hot dogs falls by 1 percent. a. Calculate the cross-price elasticity of demand. Instructions: Enter your response rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Cross-price elasticity of demand:[ b. Are the goods complements or substitutes: (Click to select) c. In the original scenario, what would have to happen to the demand for hot dogs for us to conclude that hot dogs and ketchup are substitutes? O The demand for hot dogs would have to remain unchanged. O The demand for hot dogs would have to rise. O The demand for hot dogs would have to decline.

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