ajwoklib3006 ajwoklib3006

08-03-2019
Business

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When the price of a cell phone increases by 5 percent, the quantity of cell phone calls demanded decreases by 3 percent. calculate the cross elasticity of demand for cell phone calls with respect to the price of a cell phone?

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MrCreighton MrCreighton

08-03-2019

To calculate the cross elasticity of demand you divide the percent change in quantity by the percent change in price.

5/3 = 1.666

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