When the price of one pen is $1, 50 notebooks are demanded. When the price per pen increases to $5, the number of notebooks demanded decreases to 30. What is the cross-price elasticity of demand between the two goods using the arc method?

A) 0.1
B) -0.375
C) 3
D) -3

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What other business disciplines are related to Managerial Economics?

What will be an ideal response?

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A binding price ceiling causes a shortage in the market

a. True b. False Indicate whether the statement is true or false

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Economics