A 4.5 percent increase in the price of milk causes a 9 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect to the price of milk

Cross-price elasticity = 2

Explanation:

The cross-price elasticity of demand measures the degree of responsive of quantity demand of a product with respect to change in the price of a related product. The related product could be a substitute or a complement.

The elasticity is determined as follows:

= % change in the quantity of  syrup/% change in the price of milk

= 9%/4.5%= 2

Cross-price elasticity = 2

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