Data collected in the imaginary economy of petubia reveals

Question

Data collected in the imaginary economy of petubia reveals that when the price of hizzle increased by 25%, the quantity of hizzle decreased by 10%, and the quantity of vort demanded increased by 30%.

What is the cross-price elasticity of demand between vort and hizzle?

• 3
• -3
• 0.83
• 1.2

Which of the follow can you conclude based on this information? Check all that apply.

• The demand for vort is price elastic in this price range.
• Hizzle and vort are unrelated
• The demand for hizzle is price elastic in this price range.
• Hizzle and vort are substitutes