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Answer :
Final answer:
Regarding Kanye's consumption of Turkey and Brussels sprouts, the cross-price elasticity of demand is positive. This means these products are substitute goods for Kanye, as an increase in the price of Brussels sprouts led to increased consumption of turkey.
Explanation:
In the provided scenario, when the price of Brussels sprouts increased by 8% and Kanye's consumption of turkey rose by 10%, this indicates a positive cross-price elasticity of demand.
The cross-price elasticity of demand is a measure of how the quantity demanded of one good (in this case, turkey) responds to a change in the price of another good (Brussels sprouts). Since the price increase of Brussels sprouts led to an increase in the consumption of turkey, for Kanye, turkey, and Brussels sprouts are substitute goods. Substitute goods have a positive cross-price elasticity of demand. This means that when the price of one good (Brussels sprouts) increases, the demand for the substitute good (turkey) increases.
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The cross-price elasticity of demand for turkey with brussel sprouts is negative, indicating that they are complementary goods. When the price of brussel sprouts rose by 8%, Kanye's consumption of turkey rose by 10%.
This suggests that when the price of one good increases, the demand for the other good also increases. The cross-price elasticity of demand measures the responsiveness of the demand for one good to changes in the price of another good. A negative value for the cross-price elasticity indicates that the two goods are complementary, while a positive value indicates that the goods are substitutes. In this case, Kanye's increased consumption of turkey when the price of brussel sprouts increased suggests that these goods are complementary, meaning that they are often consumed together. This is not surprising, as turkey and brussel sprouts are both common foods served at holiday meals and other occasions.
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