Asked by
Anjali Moria
on Oct 12, 2024
Verified
Since the cross elasticity of demand between hamburger patties and cheese is negative,these are ________ goods.
A) complementary
B) substitutable
C) normal
D) both complementary and substitutable
Cross Elasticity
A measure of how the quantity demanded of one good or service changes in response to a change in the price of another good or service.
Complementary
Goods or services that are used together, where an increase in demand for one leads to an increase in demand for the other.
- Comprehend the principle of cross elasticity of demand and its significance in identifying goods as substitutes or complements.
Verified Answer
DF
Learning Objectives
- Comprehend the principle of cross elasticity of demand and its significance in identifying goods as substitutes or complements.