Rising peanut prices have forced peanut butter makers to raise the price of a jar of peanut butter from $2 to $3 per jar, causing quantity demanded to fall. In addition, sales of jelly also dropped by 15%. Using the midpoint method, calculate the cross elasticity of demand between peanut butter and jelly.
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Rising peanut prices have forced peanut butter makers to raise the price of a jar of peanut butter f...
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