When the price of hamburgers increased by 10%, the quantity of hot dogs sold increased by 5%. What is the cross-price elasticity of demand for hot dogs

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05-07-2022
Business

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When the price of hamburgers increased by 10%, the quantity of hot dogs sold increased by 5%. What is the cross-price elasticity of demand for hot dogs

Sagot :

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tutorconsortium33 tutorconsortium33 · Answer 1 · 2022-07-18T08:48:58-04:00

When the price of hamburgers increases by 10% the demand for burgers decreases and the demand for hot dogs increased by 5%.

What is the cross-price elasticity of demand?

When the price of one of the items varies, the cross elasticity of demand analyzes the link between the two.
It illustrates how the relative shift in demand for one good changes as the cost of the other increases or decreases.
The cross elasticity of demand, also known as the cross-price elasticity of demand, in economics quantifies the relationship between the percentage change in the quantity of a commodity sought and the percentage change in the price of another good, ceteris paribus.
The quantity of an item is actually reliant on both the price of "related" products as well as the good's own price (price elasticity of demand).

Solution -

Given - When the price of hamburgers increased by 10%, the number of hot dogs sold increased by 5%.

Therefore, when the price of hamburgers increases by 10% the demand for burgers decreases and the demand for hot dogs increased by 5%.

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Sagot :

What is the cross-price elasticity of demand?

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