In the graph on the right, the demand fro syrup has
changed…

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Question: In the graph on the right, the demand fro syrup has changed… The hint says to use the midpoint…
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The hint says to use the midpoint formula but for what two
points?

The Formula for CPED is the percentage change in quantity
demanded for one good divided by the percentage change in price of
another good.

The answer is not -1.67

Question: In the graph on the right, the demand fro syrup haschanged...The hint says to use the midpoint...

Show transcribed image text In the graph on the right, the demand for syrup has changed because the price of frozen waffles has risen from $3. to $3.5 per package. The cross-price elasticity of demand between frozen waffles and syrup is (Use the midpoint formula and enter your response rounded 1 two decimal places. Be sure 1 include the minus sign if necessary.)

In the graph on the right, the demand for syrup has changed because the price of frozen waffles has risen from $3. to $3.5 per package. The cross-price elasticity of demand between frozen waffles and syrup is (Use the midpoint formula and enter your response rounded 1 two decimal places. Be sure 1 include the minus sign if necessary.)

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