akheel7661 akheel7661

04-03-2020
Business

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Suppose that Michael’s Bowling Alley offers 50% off bowling on Mondays, and as a result, drink sales increase by 40%. What is the cross elasticity of demand between bowling and drinks?

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sampsonola sampsonola

05-03-2020

Answer:

-0.8

Explanation:

Cross elasticity of demand = % change in quantity demanded for the drink / % change in price of the bowling

cross elasticity = 40% / -50% = -0.8 since the price was reduced the change in price will be negative

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